Ascend RE November 15, 2023
Alameda
In the East Bay, home prices haven’t been largely affected by rising mortgage rates. Increasing demand and low, but rising inventory helped drive the rapid home price appreciation that the East Bay experienced in the first half of the year. Single-family home and condo prices contracted over the past four months. Year to date, prices have risen significantly across the East Bay counties with the exception of Alameda condo prices, which are down slightly. Notably, single-family home prices rose 17% in Alameda and 7% in Contra Costa this year. In the fourth quarter, we expect prices to remain fairly stable, but slight price contractions are normal this time of year.
Typically, demand begins to decline in the fall and bottoms out in January, so the consistently low supply should be less of an issue. With mortgage rates at a 23-year high, buyers have more incentive to compete over the most desirable homes. Because of the cost of financing, homebuyers aren’t settling for less than the best home they can find.
Overall the market over the past 9 months has remained very stable. This in itself is highly unusual! We typically have strong markets in the Spring and Fall, but those markets didn't really materialize this year. We have built up some higher inventory levels, but as we go into the holiday season those are likely to decrease as homes are pulled from the market. Anecdotally, we are seeing more buyers come into the market. This could be due to pent up demand or more stable job prospects, but buyers do seem to be preparing for buying in the Spring. We’re fairly optimistic that 2024 may start turning back into a normal market cycle. Schedule a consultation if you are considering making your real estate moves in the new year, let’s get the ball rolling!
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