Diablo Gazette January 2021
A year in Review – Contra Costa County 2020 Real Estate Statistics
Well, as happy as everyone is/was to see 2020 gone…the real estate market did better than you might expect in 2020. Trendgraphix, a statistics resource company has a summary of 2020 real estate for Contra Costa County. (Key - Green is UP and Red is DOWN )
They state – Contra Costa County - December 2020 is a Seller’s Market. What makes a seller’s market?
The number of homes for sale in December 2020, down 41% compared to last December. With more buyers than houses to buy, this creates the Seller’s market. The closed, sold, price, and days on market are as impressive.
Homes closed in December 2020 are up 36.9% over last year, meaning most of the homes on the market sell! Another indicator of a Seller’s Market.
Homes under contract in December, 2020 are up 51.5% over last year.
Average Days on Market are 17, down 56.4% from last year. Sold prices in December are up to 103% over asking price. That is an increase of 5.1% over last year. Average SOLD Price is up 17.4% countywide over last year.
Will this continue into 2021? As things settle down politically, we will see where this all goes. Interest rates at some point will be rising, slightly maybe, but will inch their way up, which affects how much house a buyer can purchase. SO buyers that purchase a single family home now, may be able to purchase a condo when the rates go up, as buyers are qualified on payment to income ratios. This is one of the reasons buyers are so eager to buy and will make bid after bid until they finally get a home. It also causes the overbidding, where each home may have multiple buyers, each trying to be the winning bid.
What to do? Well if you own your home, this is a happy time, it’s likely worth more than ever before. You don’t have to bid or worry about moving. If you are thinking of selling, there are the usual things you can do. The “list” depends on how soon you are thinking about selling.
Question – Are you thinking of selling in the next 3 months? If so, contact that Realtor now for the “list” so you don’t have to do everything in the last week. You may think it’s not much to get ready for market, but even carpet cleaners and house cleaners, window washers, stagers and others are booking a week or two out. What if they are booked the week you need them? Better to get on the calendar.
Are you thinking of selling in the next 6 months? Well contact that realtor for the conversation about what might be needed, so you can plan larger repairs or inspections and then have time to decide what you can do yourself or what you need to hire. Handymen, contractors, window people etc, are all booked months in advance right now. So it’s never too early to plan ahead.
Are you thinking of selling in a year? Well contact your Realtor for the market updates so you can watch the market. Sometimes a December market has more buyers, fewer homes and might be when you’ll get your highest sale price? You can watch what’s going on, review the stats, (like the above) and plan your exit when it’s most lucrative for you.
