Fewer homes for sale means fewer homes sold and it’s not just a seasonal thing.
Hi I’m Mac Rogers with Albert Rogers Realty and welcome to the East Bay Real Estate Report.
While real estate activity typically slows down during the Fall, homes for sale and homes sold during November were down significantly from both earlier this year and compared with the same period last year.
You can see these changes starting with the 880 Corridor. Homes for sale dropped between 17 to 80 percent. Alameda had the biggest decline at 81% followed by San Leandro. The rest of the cities all down double digits.
Number of homes sold? Just like inventory, big drops except for Berkeley up by 10% and Castro Valley unchanged.
No surprise, with fewer homes on the market, prices were mostly up. Alameda,Albany, San Lorenzo and Newark saw double-digit increases. But Berkeley, Castro Valley and Fremont, a different story with prices flat or down.
In West Contra Costa similar conditions.
Homes for sale. Down everywhere. All double digit declines.
Homes sold way down, as well. All double digit declines.
Sales prices were mixed. El Cerrito down six percent while El Sobrante up 27 percent. Everywhere else, either flat or slight changes.
More of the same as we move to Central Contra Costa.
The number of homes for sale also significantly less. 30 to more than 50 percent down. Martinez and Pleasant Hill down over 50%.
Sales down or flat everywhere. With Clayton and Walnut Creek leading the big declines.
Fewer homes for sale didn’t drive sales prices up. Prices basically flat everywhere except for Concord and Walnut Creek which saw a price increase.
Real estate trends in the three Lamordina communities often are very different from the rest of the east bay.
Homes for sale. Great example. Lafayette and Moraga both had a slight increase. Orinda, down by one unit.
Homes sold, in this case, similar to the rest of the East Bay. Lafayette drops almost 50 percent, Moraga and Orinda both down, as well.
Sales prices mixed. Lafayette up 17 percent. Moraga gains 6 percent while Orinda dropped 9 percent.
The drop in supply and sales extended to the Tri-Valley.
Homes for sale down three to more than 50 percent with Dublin and Livermore having the biggest declines.
Homes sold also down everywhere except for Alamo which was unchanged.
Sales prices mixed given fewer homes for sale. Danville the biggest gainer up 18 percent and the rest either flat or slightly up.
Buyers backed down as prices rose in The Delta.
Homes for sale down everywhere. Antioch, Brentwood and Pittsburg all down double digits.
Homes sold a bit mixed. Antioch up to 6% while sales in Brentwood and Pittsburg both down.
Sales prices up everywhere by double-digits. Antioch up 11%. Brentwood 12%. Pittsburg up 14%.
2019 has been all about more balance in the market between buyers and sellers. Fewer homes for sale and fewer sales mean buyers and sellers are taking their time.
I’m Mac Rogers. I will see you at my next open house.