Actual property yr overview

Gross sales quantity was considerably decrease in each group, and common costs rose in Lafayette, Moraga and Orinda.

Properties remained available on the market for a equally restricted time as in 2021, and most properties nonetheless bought at or above their remaining asking value.

Per Contra Costa Affiliation of Realtors statistics reported for closings from January 1 to December 31, 2022, 330 single-family properties closed in Lafayette in comparison with 417 in 2021. There have been 344 in 2020. For the 330 reported closings, gross sales costs ranged from $655,000 to $12 million, and the common time on market was 17 days, just like 16 days in 2021 and 19 days in 2020.

The typical gross sales value was $2,456,834. That was an enormous improve from $2,124,266 in 2021. It was $1,916,042 in 2020, $1,789,012 in 2019, $1,736,519 in 2018. The typical value has greater than doubled within the final decade.

The typical promoting value was about 107% of the ultimate retail value of $2,293,809 in 2022. This comes from a mix of properties being listed effectively under their true worth and in some instances “bidding wars” which have pushed up costs. One Lafayette foreclosures has been bought on the MLS.

Solely seven properties closed underneath $1 million. identical as 2021.

In 2022, there have been 116 closures of particular person households in Moraga. There have been 184 single household closings in 2021 and 175 single household closings in 2020. Costs ranged from $1,350,000 to $3,625,000. The typical gross sales value was $2,214,037. This was the primary yr that the common value in Moraga exceeded $2 million. In 2021, it was $1,926,353. It was $1,590,853 in 2020, $1,486,327 in 2019, and $1,485,713 in 2018. As in Lafayette, the median dwelling value has greater than doubled up to now decade.

The typical variety of days available on the market in 2021 was 12. In 2021, it was 14. As in 2021, the common dwelling bought for 109% of its asking value. The typical listing value was $2,013,167, so the common dwelling bought for about $200,000 over asking value. There have been no REO properties that closed on the MLS and no quick gross sales.

In Orinda, the variety of closed households was 235 in comparison with 373 a yr in the past. Reported gross sales ranged in value from $875,000 to $6.75 million with a mean value of $2,291,847. In 2021, it was $2,187,385. In 2020, it was $1,889,942. In 2019, it was $1,629,030, and in 2018 it was $1,729,306. Once more, the common gross sales value has greater than doubled within the final 10 years. The typical market time was 22 days – in comparison with 17 days a yr in the past.

The typical promoting value was 106.4% of the ultimate catalog value. A yr in the past it was 107% of the ultimate retail value for reported gross sales. There have been no REO (Financial institution Owned) gross sales in Orinda in 2021.

There have been no reported gross sales in Canyon within the 2022 MLS.

Primarily based on the common value per sq. foot for reported gross sales in 2022, properties in Lafayette bought for $945.10, up considerably from $823.60 in 2021.

In 2022, homes in Moraga bought for $872.73 per sq. meter. In 2021, it was $775.04 per sq. meter. It was $644.18 in 2020.

In Orinda, it was $862.26 final yr. In 2021, it was $797.26.

Within the apartment/townhome class, Lafayette had 34 closings – down from 36 closings in 2021. Gross sales costs ranged in 2022 from $623,485 to $2.6 million. Moraga had 81 closed models – down from 118 in 2021. Gross sales ranged from $340,000 to $2.1 million. This contains “linked” properties at Moraga Nation Membership. Orinda had 16 closings, up from 13 in 2021. 4 of these had been at complexes on Brookwood Street and the remainder had been in Orindawoods. They bought for $460,000 to $2.25 million.

All the time remember that there are additionally just a few direct gross sales that don’t undergo the MLS and should not reported right here. It’s normally a sale between personal people.

As of Jan. 7, there have been simply 17 flats underneath contract in accordance with the MLS within the three communities mixed, with asking costs starting from $599,000 to $3.925 million. It needs to be famous that there aren’t any REOs and quick gross sales. Costs have continued to rise over the previous few years and extra house owners now have fairness of their properties and haven’t needed to undergo the quick sale course of or face foreclosures.

A year-end stock comparability within the three communities mixed reveals 38 properties available on the market. Final January, there have been 18 homes available on the market. Seasonally the best stock is within the spring and early summer time, nonetheless this present quantity could point out a yr with further shopping for alternatives. Present asking costs vary from $575,000 to $9.995 million within the three communities mixed.

In 2022, 118 properties had been bought in Lamorinda for greater than 3 million {dollars}! In Lafayette alone, 63 bought for $3 million or extra in 2022.

Mortgage charges have been rising steadily since reaching historic lows. Enterprise relocations have elevated as many corporations need their employees to be within the vacation spot workplaces reasonably than working remotely from the place of departure. We have not seen many outbound strikes for individuals who work for corporations which have introduced they are going to be shifting their company headquarters out of state.

One other issue that’s and can have an effect on the markets would be the reluctance of those that have financed or refinanced at charges under 3% to wish to make discretionary strikes and pay charges twice what they’re right this moment. This can restrict the availability.

East Bay communities akin to Lafayette, Moraga and Orinda, in addition to Piedmont and a number of other neighborhoods in Oakland and Berkeley proceed to learn from their proximity to San Francisco the place costs stay very excessive. Comparatively talking, the East Bay continues to be comparatively extra reasonably priced and plenty of consumers within the East Bay come from the Peninsula and Silicon Valley and San Francisco.