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Monthly Real Estate Market Report- October 2016

December 10, 2016

12-8-16-image1California as a whole saw a rise in median home prices, with a drop in the number of sales for the month of October. The median price for single family homes and condos across the state was up 5.2% compared to October 2015. Sales were down by 7.3% from a year ago. Year to date sales are also down by 3.5%. This drop in sales for the California market includes a mixed bag of prices ranges being effected in sales, some which are doing better, and others that are not. According to state sales data for January- October 2016, 60.1% of home sales were priced up to $500,000, this is a drop of 8.5% compared to the same time period in 2015. Homes selling between $500,000 and $750,000 have gone up by 5.5% and those above $1 million + priced properties have seen increased by 6%. These figures highlight a drop in available homes under $500,000, but show buyers are paying more for California properties.

In looking at sales for Contra Costa County, the figures play out similarly, with a rise in prices but a decline in the overall number of sold homes. The average sold price of Single-family properties went up 0.1% for the month, to $692,000 compared to $691,000 in September 2016. There was an increase in average sold prices of 6.5%. The average sale listing price is also going up, by 9.3% from October 2015 to October 2016.

Contra Costa County Sold Prices October 2016

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The number of sales in Contra Costa County went up by 1% compared to the month prior, but down compared to a year ago, by 13.5%. The total number of sold homes for October was 848, which is also 14% fewer than October 2015. On the positive front, pending home sales are increasing, up 1.2% compared to 2015.

Contra Costa County Number of Sold Homes October 2016

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The average days on the market in Contra Costa County has been declining steadily since the beginning of the year. Curranty, this key real estate marker is holding steady at an average of 28 days on the market for September and October each. Also holding steady for the county is the difference between sold prices and original list prices. With very little difference between the two, on average Contra Costa County homes are being listed well for current market conditions. With less than a month to sell as the average, buyers seem to agree.

Contra Costa County Days on Market October 2016

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While sales have lessened for now, this is most likely due to seasonal fluctuations. With homes continuing to sell at higher prices and quickly in Contra Costa County and across the state, it is clear, properties are still in demand. We will be watching the market to see how the rest of the year plays out and how 2017 fares. When you are ready to sell, or buy a home, my team and I are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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