What is Happening in the East Contra Costa Real Estate Market?

What is Happening in the East Contra Costa Real Estate Market?

Over the past year we have seen an explosion of Real Estate Prices. Home Prices in East Contra Costa County cities of Bay Point, Pittsburg, Antioch, Oakley, Brentwood, Discovery Bay, Byron, Knightsen, and Bethel Island.

This jump in Home Prices started in about April or May of last year. This is just my gut feeling without looking hard at the numbers. But so as not to be too arbitrary I wanted to look at the market changes from year to year.

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I took a look at Home Sales in January 2012 and Home Sales in January 2013.

In January 2012 there were 333 Sales and in January 2013 only 248 sales. I have heard many experts say that the slow down in the number of sales indicates a market down turn. This is flat out wrong. Sales are going down due to lack of inventory, the lack of inventory is driving prices up.

Average price went from $219,377 to $279,063; about a 27% jump. The Median went from $208,000 to $269,650; about a 33% increase. The Average Price Per SF jumped from $113.06 to $133.93; about a 18.5% increase.

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There are a number of sub-markets based on location within East Contra Costa County, type of home, size of home, and others. One brief thing I will say is my gut feeling is people have been buying larger and larger homes, for one reason the smaller homes are not available, this means price per SF will rise slower as larger homes are cheaper on a SF basis.

I do not think prices will fall, even when we get more inventory (subject of future post).

Let me know if you want a detailed market report on any particular location or type of home in East Contra Costa County.

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