While you can click on our report below for full details, in summary:
Our overall real estate market remains strong but the numbers don’t tell the full story - The early 2019 market delivered strong results for most of Lamorinda. Lamorinda average sales price is now $1.71M, up 9%, average sales price per square foot is $649, up 5%, and average days on market is consistent with last year at 25 days.
Lafayette continues to outpace both Moraga and Orinda - Lafayette’s average sales price is now $1.82M and average sales price per square foot is $686, up 6%. Average sales price per square foot is $588, up 3% for Moraga and $637, up 5% for Orinda.
Certain homes are showing signs of softening – While recently remodeled, commute friendly homes with functional yards continue to push the market to new heights, beginning last Summer homes that needed updating or homes in less desirable locations took longer to sell and experienced price reductions. Volatility of mortgage rates and the stock market combined with the new Tax Plan have led homebuyers to be cautious with homes that do not check all their boxes.
Bay Area Tech IPOs Could Boost The Market – Recent and potential upcoming IPOs from the likes of Lyft, Uber, Pinterest, Stripe and Airbnb that are within commute distance of Lamorinda could boost our real estate market in the second half of the year if stock valuations remain strong.