October Market Summary

The 3-month-rolling median house sales price in October 2024 was slightly down year-over-year, though short-term fluctuations are less meaningful that longer-term trends: Lamorinda's median house price remains one of the highest in the Bay Area. As the fall selling season took hold, homes sold faster and the sales-price-to-list-price percentage ticked up slightly. The supply of active listings declined month over month, but remains significantly higher than last year. Home sales increased both month over month, and year over year, while luxury home sales rebounded more dramatically. Around the Bay Area, more expensive home segments have typically seen considerably greater increases in sales than the general market, possibly due to the effect of soaring stock market values on the wealth and financial optimism of more affluent households.

Interest rates continued to rise in October and early November, but, as of November 6th, all 3 major stock market indices were at record highs. These 2 financial indicators - the first one typically having negative implications for buyer demand, and the second one positive may pull different market segments in different directions in coming months.

Listing and sales activity, as well as virtually all the standard metrics of demand, typically cool markedly in November and December, and the number of unsold listings taken off the market (usually until the new year) often jumps, especially in higher price segments. But homes continue to be listed and sales to occur, albeit in reduced numbers, and indeed the next 2 months can be an excellent time for buyers to negotiate more aggressively to make some of the best deals of the year.