| | Published July 17th, 2024
| The Real Estate Quarter in Review
| | | By Conrad Bassett, CRP, GMS-T | | |
The second quarter of 2024 remained steady on the residential side of Lamorinda real estate. The total number of sales was up in Lafayette, the same in Orinda, and down slightly in Moraga. The average price was slightly lower in Lafayette and Moraga, while the average price in Orinda was higher. The closings that occurred were those that mostly went under contract from mid-February to late May in a period of relatively stable interest rates that hover around 7%.
Per Contra Costa Association of Realtors statistics reported from April 1 through June 30, 2024, 80 single family homes closed in Lafayette. This was an increase from the 71 single family homes closed in the same period one year ago. Sales prices ranged from $1,080,000 to $5,425,000 and the average number of days on market was 14. In the year ago second quarter it was 17 days. The average sales price was $2,458,919, just below the year ago when it was $2,499,679. In 2022 it was $2,479,025 and $2,180,240 in 2Q2021, and $1,794,912 in 2Q2020.
In Moraga, the number of single-family closings was 34; a year ago it was 43. Prices ranged from $1,200,000 to $2,800,000, with an average sale price of $1,985,176. In the year ago quarter it was $2,121,393. In 2022 it was $2,376,836. It was $1,936,316 in 2Q2021, and 2Q2020 it was $1,548,585. The average marketing time was 15 days, where a year ago it was 12.
In Orinda, the number of single-family closings was 61 the same as in the year ago second quarter. Sales prices ranged from $877,000 to $6,337,500 with an average price of $2,229,861, slightly higher than a year ago, when it was $2,135,898. The 2Q2022 average was $2,198,041. This was lower than the $2,317,982 in the same quarter in 2021, but still well above 2Q2020 when it was $1,808,271. It took an average of 14 days to have a house go pending, versus 21 days in the same period a year ago.
There was only one single family sale below $1,000,000 in the three communities combined.
In the quarter ending June 30, on an average price per square foot basis, Lafayette detached single-family homes sold at $922.63, which was an increase over the year ago when it was $882.93. In Moraga, homes sold for $766.68 per square foot, a continued drop from the same quarter a year ago when it was $872.32 and in 2022 when it was $935.79. Orinda was $848.23, which is similar to a year ago s $833.29.
The drop in Moraga can be attributed to a smaller number of sales and in the average sales prices.
In Lafayette, the average sales price was just over 104.6% of the final asking price. A year ago, the average was just about 100% of final asking. In Moraga it was 101.7% versus 104% in the year ago period, and in Orinda it was also about 104%, the same as a year ago.
In the condominium/town home category, Lafayette had five resale closings versus the year ago quarter when there were nine. They sold between $890,000 and $1,600,000. Moraga had 13 when a year ago there were 16. Sale prices ranged from $455,000 to $1,775,000. Orinda had two that were $1,538,076 and $1,550,000.
As of July 9, there were 64 homes under contract in the MLS in the three communities combined. One year ago, there were 52. The current pending homes have asking prices of $595,000 to $8,495,000.
Inventory has increased. There are 134 properties on the market and a year ago there were 89 available properties in the three communities combined. This is a sizable increase in supply.
There are 59 properties on the market in Lafayette an increase from the 48 at this same time a year ago. Asking prices in Lafayette currently range from $685,179 to $11,900,000. In Moraga, buyers have their choice of 25 homes or condominiums listed between $438,000 and $2,890,000. A year ago, there were 12.
In Orinda there are 50-twice as many as on the market at the same time a year ago. The list prices range from $493,000 to $12,900,000.
There are no bank-owned or short sales currently in the MLS available in the three communities.
It is interesting to note that of the 134 dwellings on the market, six have lowered their asking prices in the last seven days.
Interest rates have continued to remain relatively stable. We are still seeing many buyers come to the area from San Francisco, Oakland, and the peninsula because they feel they will likely not be commuting every day, and feel that to live further distances from San Francisco or Silicon Valley is manageable.
Lastly, it is important to look at what homes are selling for versus their list prices. Often homes come on the market at unrealistic prices, and they do not sell, but in the second quarter of this year many homes have had multiple offers and have sold at or above the list price.
Of the 80 single family sales that closed in Lafayette in the second quarter of 2024, 61 sold at or above the asking prices.
In Moraga, 30 of the 34 sales were at or above the final asking price, and in Orinda, 45 of the 61 sold at or above the final listing price.
We are still seeing many buyers having to make offers without the traditional contingencies of obtaining financing or having a home appraised, or even having the home inspected. Many sellers continue to obtain pre-sale inspections in order to understand the condition of their homes and to also prevent a buyer from trying to renegotiate a lower price or repairs.
There are a lot of potential sellers who have refinanced in the past few years who are reluctant to give up their mortgage rates of under 3% and to go out and buy a home and pay what is now around 7%. This may continue to affect the market. |
| | | | | | | | | | | | |
Lamorinda Weekly, Moraga CA