The third quarter of 2016 showed slowing activity on the residential side of Lamorinda real estate versus the year ago quarter. This slowdown in activity is based more upon a shorter supply of available properties than on a significant change in the market.
Per Contra Costa Association of Realtors statistics reported from July 1 through Sept.30, here's what single-family home activity looked like in Lamorinda's three cities.
Lafayette
Homes closed 2015 Price range Days on Market '15 '14
71 92 $635,000 to $3,700,000 30 24 22
The average sales price was $1,565,394. In the same period of 2015 it was $1,462,872 versus $1,310,790 in 2014. The average 3Q 2013 sale price was $1,204,739. In 3Q 2012 the average was $1,001,291. Average prices have increased over 49 percent in the last four years!
Moraga
Homes closed 2015 2014 Price range Days on Market '15
21 49 50 $1,015,000 to $1,870,000 24 14
The average sale price was $1,245,605, which was actually below the $1,281,936 in the third quarter of 2015. It was $1,178,956 in the same quarter in 2014. In 3Q 2012 the average was $1,049,408. The average increase in the last four years has been around 19 percent.
Orinda
Homes closed 2015 2014 Price range Days on Market
73 69 90 $750,000 to $3,205,000 24
The average sale price was $1,558,244, a slight increase from a year ago when it was $1,520,904. In 2014, it was $1,420,663. In 3Q 2012, the average was $1,109,094. The four-year average increase in Orinda values has been about 40 percent.
In the third quarter of this year, on an average price per square foot basis, Lafayette detached single-family homes sold at $585.96. A year ago it was $573.91. Moraga homes sold for $540.27 up from $526.77 a year ago. In Orinda it was $599.67...again an increase over the prior year third quarter of $566.29.
In Lafayette, the average sales price was right at 100% of the final asking price. In Moraga it was also a fraction above 100 pecent and in Orinda it was 102.4 percent. In many cases, there were multiple offers on homes and the result was a closing price above the asking price.
In Lafayette, 39 of the 71 closings sold at the list price or above. In Moraga, 11 of the 23 sold at or above asking and in Orinda it was 44 of 73.
In the condominium/town home category, Lafayette had five resale closings. They were priced from $601,000 and $1,100,000; Moraga had 25, down from 40 a year ago. Sales prices ranged from $305,000 to $1,100,000. Moraga Country Club had only two attached home sales - $825,000 to $1,100,000. Orinda had one condominium sale on Brookwood at $319,000 and one townhome - in Orindawoods - at $1,090,000.
As of Oct. 10, there were 65 pending sales in the three communities combined. A year ago there were 67 pending sales per the MLS. The asking prices for the pending single family detached homes range from $719,000 to $3,195,000. It should be pointed out that there are no "Potential Short Sales" that are currently pending and subject to lender approval. One of the pending sales is an REO (bank owned property).
It is interesting to point out that of the 65 pending sales in the area, 51 have received acceptable offers since Sept. 1. That is an average of nearly two per day. Usually many of the sales are completed prior to the start of school. Depending upon how many of the homes are being purchased by families with children who are new to Lamorinda, it may impact certain grades at the elementary level.
Inventory, however, continues to remain low although increasing when looking at the available homes. In Lafayette there were 45 on the market as of Oct. 10 and there were 32 at this time one year ago.
In Moraga buyers have their choice of only 25 properties, still way up from 10 properties a year ago.
Orinda inventory has increased to 46 currently available from 37 one year ago.
Current asking prices range from $405,000 for a condominium in Moraga to $22.5 million for an Orinda property.
At the high end, 26 homes closed above $2 million in the three communities combined during the quarter. In the year ago period there were 29.
There are 47 currently available above this amount - 17 in Lafayette, 23 in Orinda, and seven in Moraga.
Per Contra Costa Association of Realtors statistics reported from July 1 through Sept.30, here's what single-family home activity looked like in Lamorinda's three cities.
Lafayette
Homes closed 2015 Price range Days on Market '15 '14
71 92 $635,000 to $3,700,000 30 24 22
The average sales price was $1,565,394. In the same period of 2015 it was $1,462,872 versus $1,310,790 in 2014. The average 3Q 2013 sale price was $1,204,739. In 3Q 2012 the average was $1,001,291. Average prices have increased over 49 percent in the last four years!
Moraga
Homes closed 2015 2014 Price range Days on Market '15
21 49 50 $1,015,000 to $1,870,000 24 14
The average sale price was $1,245,605, which was actually below the $1,281,936 in the third quarter of 2015. It was $1,178,956 in the same quarter in 2014. In 3Q 2012 the average was $1,049,408. The average increase in the last four years has been around 19 percent.
Orinda
Homes closed 2015 2014 Price range Days on Market
73 69 90 $750,000 to $3,205,000 24
The average sale price was $1,558,244, a slight increase from a year ago when it was $1,520,904. In 2014, it was $1,420,663. In 3Q 2012, the average was $1,109,094. The four-year average increase in Orinda values has been about 40 percent.
In the third quarter of this year, on an average price per square foot basis, Lafayette detached single-family homes sold at $585.96. A year ago it was $573.91. Moraga homes sold for $540.27 up from $526.77 a year ago. In Orinda it was $599.67...again an increase over the prior year third quarter of $566.29.
In Lafayette, the average sales price was right at 100% of the final asking price. In Moraga it was also a fraction above 100 pecent and in Orinda it was 102.4 percent. In many cases, there were multiple offers on homes and the result was a closing price above the asking price.
In Lafayette, 39 of the 71 closings sold at the list price or above. In Moraga, 11 of the 23 sold at or above asking and in Orinda it was 44 of 73.
In the condominium/town home category, Lafayette had five resale closings. They were priced from $601,000 and $1,100,000; Moraga had 25, down from 40 a year ago. Sales prices ranged from $305,000 to $1,100,000. Moraga Country Club had only two attached home sales - $825,000 to $1,100,000. Orinda had one condominium sale on Brookwood at $319,000 and one townhome - in Orindawoods - at $1,090,000.
As of Oct. 10, there were 65 pending sales in the three communities combined. A year ago there were 67 pending sales per the MLS. The asking prices for the pending single family detached homes range from $719,000 to $3,195,000. It should be pointed out that there are no "Potential Short Sales" that are currently pending and subject to lender approval. One of the pending sales is an REO (bank owned property).
It is interesting to point out that of the 65 pending sales in the area, 51 have received acceptable offers since Sept. 1. That is an average of nearly two per day. Usually many of the sales are completed prior to the start of school. Depending upon how many of the homes are being purchased by families with children who are new to Lamorinda, it may impact certain grades at the elementary level.
Inventory, however, continues to remain low although increasing when looking at the available homes. In Lafayette there were 45 on the market as of Oct. 10 and there were 32 at this time one year ago.
In Moraga buyers have their choice of only 25 properties, still way up from 10 properties a year ago.
Orinda inventory has increased to 46 currently available from 37 one year ago.
Current asking prices range from $405,000 for a condominium in Moraga to $22.5 million for an Orinda property.
At the high end, 26 homes closed above $2 million in the three communities combined during the quarter. In the year ago period there were 29.
There are 47 currently available above this amount - 17 in Lafayette, 23 in Orinda, and seven in Moraga.
Reach the reporter at:
Lamorinda Weekly, Moraga CA