The hustle and bustle of Fall is here but the Moms of Lafayette get a moment to catch their breath now that school is back in session. Summer vacations are gone, day camps are behind us and weekend trips to Tahoe make way for Saturday soccer games, fall basketball and parent school parties. September also brings an increase in real estate activity as parents or soon-to-be parents can now focus on where they want to live for the next twenty or so years.
Lamorinda saw a strong Spring selling season with a continued upward trend over last year. As we transitioned into Summer the higher-end market over $1.5 million started to soften a bit as folks started to scatter for Summer plans. In addition, in mid-June the stock market dropped by 6% in less than a week and lack of recent Bay Area IPOs started to catch up to us a bit. The back-half of 2015 and the first half of 2016 was a lack luster period for Bay Area IPOs, which are impacting Lafayette home prices more than ever as tech companies continue to push north into San Francisco and Oakland making Lafayette now accessible. This combination of seasonality and other economic influences in my opinion helped drive the softness we saw in the higher-end market over the Summer where price reductions and extended time on the market were the norm.
This is a good reminder that like a lot of things in life timing is critical for certain major decisions. While our home is the place we all raise our families and build lasting memories it is also likely your largest asset that requires a great deal of care and thought when either buying or selling. Understanding and monitoring the local market and all factors that influence the value of your home are crucial anytime you are even thinking about selling or buying a home.
As September has come around we have seen the higher-end market come around a bit. Buyers are back looking for homes in force, the stock market has rebounded 10% from early June and a few Bay Area IPOs have had strong recent initial showings. Timing sometimes is everything, or at least a major contributing factor.
Please feel free to call or email me your real estate questions or for a free home evaluation. I can be reached at (925) 951-3817 or by email at firstname.lastname@example.org.