Lafayette, Moraga, and Orinda recorded fewer home sales in August, but shrinking inventory kept conditions competitive. Homes sold faster than a year earlier, and a larger share closed above asking price.

Lamorinda recorded 50 single-family sales, down 12% from both July and last August. The median sale price increased 12% year over year to $1.84 million, while price per square foot remained essentially flat at $773. That difference suggests the higher median reflected the mix of properties sold more than widespread appreciation. Individual home values still require a closer look at comparable local sales.

Average days on market fell from 45 to 30 year over year, while 46% of homes sold above asking price, compared with 33% last August. Both measures also improved modestly from July.

Available inventory tightened considerably. Active single-family listings declined 29% year over year to 79, despite a slight increase in new listings. Contracts fell 10% to 56, but inventory dropped more sharply, bringing months of supply down from 2.0 to 1.6. Compared with July, contracts held steady while active listings fell 17%.

Even with fewer competing properties, some sellers needed to adjust. The number of price reductions remained at 28, while the reported reduction rate increased to 30%. Strong overall conditions still leave room for negotiation on individual homes, particularly when pricing exceeds buyers’ expectations.

The small condo market followed a different pattern: active listings increased to 25, new listings held at seven, and price reductions rose from eight to 11. Those limited numbers warrant caution when drawing broader conclusions.

For sellers, accurate pricing remains essential. For buyers, limited selection makes preparation important, but each property deserves its own assessment.

Considering a move in Lafayette, Moraga, or Orinda? Contact me to review recent sales and build a plan around your goals.

 

 

----------

Source: compass.com