The full reports are below of our Lamorinda 2019 Q2 Market Update and Lafayette 2019 Q2 Homes Sales Report. In summary:
Our real estate market remains strong - The first half 2019 market delivered strong results for most of Lamorinda. Lamorinda average sales price is now $1.72M, up 6%, average sales price per square foot is $655, up 3%, and average days on market increased 8% to 26 days.
Lafayette continues to outpace both Moraga and Orinda - Lafayette’s average sales price is now $1.86M and average sales price per square foot is $706, up 4%. Average sales price per square foot is $605, up 6% for Moraga and $623, down 1% for Orinda.
Orinda’s #’s are be bit misleading – While it is true that Orinda’s average sales price per square foot turned negative (down 1%), it is primarily the result of a higher proportion of older vintage homes that require extensive remodeling that were recently sold and not an indication that the Orinda market is beginning to struggle. This trend is also evident in Orinda’s average days on market that increased by 15% to 33 days (as it generally takes longer to sell homes that require extensive remodeling)
Declining Interest Rates & Bay Area tech IPOs could boost the real estate market – Recent declines in mortgage rates and IPOs (recent and potential filings) 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
We look forward to hearing from you with your real estate questions. Erin 925.951.3817, Darrick 925.900.8218