Statistical Tables | Gathering Data
Trends at a Glance | |||
(Single-family Homes) | |||
Aug 24 | Jul 24 | Aug 23 | |
Average Price: | $1,170,632 | $1,246,091 | $1,137,815 |
Median Price: | $835,000 | $915,000 | $839,000 |
Home Sales: | 701 | 679 | 672 |
DOM: | 28 | 24 | 22 |
SP/LP Ratio: | 101.4% | 101.9% | 102.0% |
(Condos/Townhomes) | |||
Aug 24 | Jul 24 | Aug 23 | |
Average Price: | $673,764 | $709,676 | $702,087 |
Median Price: | $610,000 | $607,500 | $600,000 |
Condo Sales: | 211 | 194 | 191 |
DOM: | 41 | 36 | 26 |
SP/LP Ratio: | 99.9% | 100.6% | 102.4% |
The median sales price for single-family, re-sale homes was down 0.5% compared
to August 2023. It was down 8.7% from July.
The average sales price of single-family, re-sale homes rose 2.9%
year-over-year. It was down 6.1% from July.
Sales of single-family, re-sale homes were up 4.3% year-over-year. There were
701 homes sold last month. The average monthly sales since 2005 is 907.
The sales price to list price ratio for homes fell to 101.4% from 101.9%.
Days on market, or how long it takes to go from being listed to being under
contract, was twenty-eight days.
The median sales price for condos was up 0.4% from July, and it was up 1.7%
year-over-year. The average sales price was down 4.0% year-over-year.
Condo sales were up 8.8% from July, and they were up 10.5% year-over-year. There
were 211 condo sales last month.
The sales price to list price ratio for condos fell from 100.6% to 99.9%.
Days on market, or how long it takes to go from being listed to being under
contract, was forty-one days for condos.
Sales momentum…
for single-family homes rose 1.7 points to –0.4.
Pricing momentum…
for single-family homes stayed at +1.9.
Our momentum statistics are based on 12-month moving averages to eliminate
monthly and seasonal variations.
This is an extraordinarily tough market for buyers. It's important to be calm
and realistic. If you don't know what to do or where to begin, give me a call
and let's discuss your situation and your options.
If you’re looking to sell, call me for a comprehensive Comparative Market
Analysis.
Our momentum statistics are based on 12-month moving averages to eliminate monthly and seasonal variations.
momentum by using a 12-month moving average to eliminate seasonality. By comparing this year's 12-month moving average to last year's, we get a percentage showing market momentum.
the blue area shows momentum for home sales while the red line shows momentum for pending sales of single-family, re-sale homes. The purple line shows momentum for the average price.
As you can see, pricing momentum has an inverse relationship to sales momentum.
Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. For complete information on a particular neighborhood or property, call me.
P.S. The FHA requires all condo projects to be re-certified before they will make a loan. To find out if the condo project you're interested in is eligible, go here: https://entp.hud.gov/idapp/html/condlook.cfm.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
If I can help you devise a strategy, call or click the buying or selling link in the menu to the left.
Complete monthly sales statistics for Contra Costa County are below. Monthly graphs are available for each city in the county.
August Sales Statistics | |||||||||||
(Single-family Homes) | |||||||||||
Prices | Units | Change from last year | Change from last month | ||||||||
Median | Average | Sold | DOM | SP/LP | Median | Average | Sold | Median | Average | Sold | |
County | $835,000 | $1,170,632 | 701 | 28 | 101.4% | -0.5% | 2.9% | 4.3% | -8.7% | -6.1% | 3.2% |
Alamo | $2,400,000 | $2,826,273 | 11 | 41 | 102.2% | -8.0% | 13.8% | -15.4% | -10.3% | -2.8% | -21.4% |
Antioch | $640,000 | $638,124 | 101 | 59 | 100.7% | -2.3% | -2.5% | 32.9% | 1.1% | -2.3% | 57.8% |
Bay Point | $635,000 | $644,167 | 6 | 65 | 101.9% | 20.7% | 12.0% | -50.0% | 12.4% | 11.9% | -14.3% |
Blackhawk | $2,225,000 | $2,225,000 | 1 | 7 | 111.3% | 53.4% | 27.7% | -90.9% | 29.7% | 21.9% | -90.9% |
Brentwood | $825,000 | $879,966 | 63 | 63 | 97.6% | 6.1% | 7.3% | -7.4% | -7.0% | -4.3% | 12.5% |
Clayton | $1,124,500 | $1,183,000 | 8 | 53 | 103.2% | 0.4% | 3.8% | -27.3% | -13.5% | -10.9% | 60.0% |
Concord | $830,000 | $901,829 | 59 | 47 | 101.0% | 1.5% | 7.2% | -9.2% | 0.9% | 1.3% | -15.7% |
Danville | $2,122,500 | $2,636,476 | 46 | 52 | 100.5% | 5.6% | 19.2% | -11.5% | -1.3% | 10.3% | -6.1% |
Discovery Bay | $860,000 | $886,763 | 19 | 66 | 96.1% | 5.5% | -2.5% | 26.7% | -2.3% | -7.5% | -13.6% |
El Cerrito | $998,000 | $1,169,265 | 17 | 50 | 112.4% | 6.1% | 6.1% | 21.4% | 9.7% | 70.0% | 70.0% |
El Sobrante | $750,000 | $835,889 | 9 | 62 | 105.9% | 1.4% | 7.8% | 28.6% | -1.6% | 8.7% | -25.0% |
Hercules | $910,000 | $905,818 | 11 | 50 | 102.4% | -7.6% | -16.8% | 57.1% | -4.2% | -5.6% | 10.0% |
Kensington | $1,705,000 | $1,705,000 | 1 | 46 | 113.7% | 23.0% | 23.0% | -80.0% | 8.2% | 8.2% | -80.0% |
Lafayette | $1,701,000 | $2,268,762 | 21 | 46 | 104.2% | -2.0% | -11.7% | -4.5% | -4.4% | 0.0% | -27.6% |
Martinez | $752,500 | $792,680 | 30 | 53 | 99.9% | -14.0% | -9.2% | -26.8% | 2.0% | 5.1% | 15.4% |
Moraga | $1,795,000 | $2,017,813 | 15 | 56 | 99.0% | -14.7% | -3.7% | 66.7% | -5.5% | -3.2% | 114.3% |
Oakley | $725,000 | $710,554 | 28 | 54 | 100.4% | 5.5% | -1.0% | -17.6% | 10.7% | 5.3% | -31.7% |
Orinda | $1,750,000 | $1,895,440 | 25 | 42 | 100.8% | -20.5% | -13.9% | 127.3% | -26.5% | -19.7% | 13.6% |
Pinole | $770,044 | $784,696 | 13 | 45 | 104.9% | -1.3% | 2.8% | 18.2% | -4.7% | 2.0% | 18.2% |
Pittsburg | $585,000 | $588,525 | 28 | 57 | 101.9% | -7.1% | -6.5% | -31.7% | -10.0% | -9.8% | 12.0% |
Pleasant Hill | $1,060,000 | $1,170,319 | 21 | 39 | 102.3% | -20.9% | -11.3% | 31.3% | -10.9% | -5.8% | 10.5% |
Richmond | $641,500 | $642,219 | 52 | 55 | 102.9% | -10.9% | -17.5% | 2.0% | -3.2% | -6.4% | 0.0% |
Rodeo | $650,000 | $635,000 | 3 | 95 | 95.1% | -16.2% | -14.6% | 0.0% | -5.1% | -0.4% | -25.0% |
San Ramon | $1,765,000 | $1,850,307 | 44 | 41 | 101.2% | 5.1% | 3.3% | 2.3% | -7.5% | -6.3% | -4.3% |
Walnut Creek | $1,547,500 | $1,742,770 | 40 | 49 | 102.6% | 10.1% | 15.5% | 53.8% | -7.6% | 2.6% | -20.0% |
August Sales Statistics | |||||||||||
(Condos/Townhomes) | |||||||||||
Prices | Units | Change from last year | Change from last month | ||||||||
Median | Average | Sold | DOM | SP/LP | Median | Average | Sold | Median | Average | Sold | |
County | $610,000 | $673,764 | 211 | 41 | 99.9% | 1.7% | -4.0% | 10.5% | 0.4% | -5.1% | 8.8% |
Antioch | $375,000 | $372,750 | 8 | 65 | 100.9% | 7.1% | 6.7% | 14.3% | 53.1% | 46.7% | 60.0% |
Concord | $439,000 | $444,086 | 29 | 75 | 99.7% | 0.9% | 0.3% | 38.1% | 3.3% | -2.3% | 93.3% |
Danville | $1,209,395 | $1,126,485 | 14 | 41 | 99.4% | 21.1% | 10.4% | 55.6% | -3.2% | -7.7% | 27.3% |
Hercules | $576,000 | $553,375 | 8 | 43 | 101.5% | 25.5% | 10.3% | 33.3% | 10.8% | -1.1% | -11.1% |
Martinez | $507,000 | $545,100 | 9 | 75 | 100.1% | -0.6% | -0.2% | -10.0% | 0.5% | -5.3% | 12.5% |
Moraga | $1,042,500 | $960,391 | 8 | 42 | 98.1% | 6.4% | 0.8% | 33.3% | -20.9% | -21.3% | 100.0% |
Pleasant Hill | $712,500 | $721,000 | 4 | 60 | 97.2% | -6.5% | -2.5% | 0.0% | 4.0% | 23.3% | -33.3% |
Richmond | $500,000 | $561,434 | 11 | 82 | 100.6% | -12.3% | -11.5% | 0.0% | -4.0% | -14.9% | 22.2% |
San Pablo | $488,500 | $505,500 | 4 | 120 | 99.5% | -9.5% | -0.1% | 33.3% | 10.4% | 14.2% | 100.0% |
San Ramon | $830,000 | $919,988 | 19 | 58 | 100.0% | -6.7% | -0.5% | 26.7% | -29.0% | -16.1% | 5.6% |
Walnut Creek | $619,000 | $672,015 | 77 | 67 | 100.7% | -9.0% | -13.0% | -4.9% | 8.0% | 2.5% | -4.9% |
August 26, 2024 --
With a virtual guarantee of a rate cut coming at the next Fed meeting, the next
logical question is "What size will the cut be?" For that, the Fed has made
clear that they "will be data
dependent but not data point dependent, so
it will not be a question of responding specifically to one or two data
releases" and that "the timing and pace of rate cuts will depend on incoming
data, the evolving outlook, and the balance of risks." (emphasis ours)
Still, clues and cues in this regard may be taken from the inbound data.
Although there will be another round of CPI, PPI and import and export price
changes before the mid-September FOMC get-together, there won't be any fresh
update of the Fed's preferred measure of prices, derived from monthly Personal
Consumption Expenditures data. The most recent figure the Fed will have to work
with was released this week, but covers July, so it lags current conditions by a
bit.
Overall PCE prices rose by another 0.2% in July, up a tick from June's figure,
but the overall picture didn't change much, as the annualized rate of PCE
inflation for the 12 months ended July remained at 2.5% for a second consecutive
month. Digging deeper, the so-called "core" PCE price index (the Fed's favored
measure as it removes volatile food, energy costs from the calculation) also
rose by 0.2% in July, the same as in June, leaving the annualized figure at 2.6%
for a third consecutive month. The Fed wants to see core PCE inflation running
at a flat 2% rate, so inflation remains a bit above that level and hasn't shown
fresh signs of retreating lately.
Mortgage rates were lower in July, but not by much, and existing home prices
posted new record highs in June. These aren't the ingredients for a rebound in
home sales, and the National Association of Realtors Pending Home Sales Index
reflects this quite clearly. The PHSI posted a decline of 5.5% in July, and with
the decline this measure of signed contract to buy previously-occupied home
dropped to the lowest level in its (23-year) history. Mortgage rates dropped
materially this month, ending August on a low note, so it's possible that this
may loose some homebuyers into the market, but we'll not know this until the end
of September at the earliest. That said, we have also passed the typical
spring-summer homebuying "season", so it's hard to know how much improvement in
sales might be expected.
We do know that lower mortgage rates by themselves are limited in their ability
to improve sales, and that even with recent declines, rates are still in the
mid-sixes, albeit at about a 16-month low point. Even with that, requests for
mortgage credit aren't exactly booming, but the Mortgage Bankers Association
reported that overall applications for mortgages rose by 0.5% in the week ending
August 23. Requests for funds to purchase homes edged 0.9% higher, while those
to refinance existing loans declined by 0.1%. The fresh decline in rates this
week may see a few more refinance applications be filed as homeowners can react
more quickly than can potential homebuyers.
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