Preparing For Spring

Preparing For Spring

Despite the hustle and bustle of the holiday season, now is the perfect time to start laying the groundwork for a successful 2018 sale. This is especially true in Lamorinda where the “spring” market has gotten progressively earlier; school enrollment begins in the early spring which means many buyers are looking to close on their new home even earlier in the year to ensure that their child is able to attend neighborhood schools.  It is more important than ever to start making your to-do list now if you want to take advantage of this typically strong early selling market.

Lamorinda Summer Market Update

Lamorinda Summer Market Update

As the calendar turns to summer it is a good time to take stock and understand how Lamorinda real estate performed over the last year. Below is a summary of Multiple Listing Service (“MLS”) data for Lamorinda residential detached home sales over the last twelve months from July 2016 to June 2017 (the prior-year comparison is from July 2015 to June 2016).

2017 LAFAYETTE SPRING MARKET UPDATE

2017 LAFAYETTE SPRING MARKET UPDATE

Before the calendar turns to summer and folks start to head for vacation, it is a good time to take stock and understand how Lafayette real estate has performed over the last year. Below is a summary of Multiple Listing Service (“MLS”) data for Lafayette residential detached home sales over the last twelve months from May 2016 to April 2017 (the prior-year comparison is from May 2015 to April 2016).

Inventory remains tight with the number of transactions down 14% (273 vs. 318). The average sales price is down by 2% ($1.539M vs. $1.576M), but this is a result of smaller homes being sold (the average home sold square footage was 2,580 vs. 2,728, a 5% decrease). The metric that matters most, price per square foot, is up 3% ($611 vs. $591). This is great news for Lafayette residents and reflective of the recent strong spring selling season.

Land For Sale in Lafayette

Land For Sale in Lafayette

I feel lucky to have the opportunity to help clients sell and buy very unique and special properties.  Lafayette is filled with amazing neighborhoods and interesting nooks and crannies.  While we have many beautiful homes, what we don’t see very often are vacant lots. We do see more and more builders and frustrated buyers tearing down existing homes on good lots and starting over because there are so few vacant lots left in Lafayette. I call this the Moraga Blvd phenomena. Every time I drive down this quaint street, there seems to be another home being taken down in order to build something new. In south bay cities like Menlo Park and Palo Alto this common place and maybe the wave of the future in Lafayette. 

Your Spring Market To Do List

Your Spring Market To Do List

I have received several phone calls from clients and readers who are considering selling their home in the spring. Despite the hustle and bustle of the holiday season, now is the perfect time to start laying the groundwork for a successful sale. This is especially true in Lamorinda where the “spring” market has gotten progressively earlier; school enrollment begins in the early spring which means many buyers are looking to close on their new home even earlier in the year to ensure that their child is able to attend neighborhood schools.  It is more important than ever to start making your to-do list now if you want to take advantage of this typically strong early selling market.