Your Weekly Market Update - March 28, 2024

Hi everyone!

I often receive inquiries about the current market conditions, so I have decided to make it convenient for everyone to get this information by providing weekly updates for you! I hope you find this information both useful and insightful.

Also, please feel free to share this with anyone you know who could benefit from it as well!

INTEREST RATES

• Conventional: 6.75% Assumes: Credit Score above 780; Owner-Occupied; Single-Family Residence
• Jumbo: 6.75% Assumes: Credit Score above 800; Owner-Occupied; Single-Family Residence
• FHA: 6.125% Assumes: Credit Score above 680; Owner-Occupied; Single-Family Residence
• VA: 6.25% Assumes: Credit Score above 680; Owner-Occupied; Single-Family Residence

Buyer demand remains strong, while the supply of quality homes on the market remains low. Therefore, as we head into the busy spring market, being prepared is essential for success!

Pro-tip: Each buyer's interest rate will be influenced by various factors such as credit score, property type, occupancy status, income, etc. And, getting pre-approved now will enable you to confidently pursue your dream home when you find it. If you are interested in connecting with an exceptional mortgage lender who understands our dynamic market, please let me know, and I'd be happy to make an introduction!

REAL ESTATE MARKET SNAPSHOT

Alameda County as of 3/28/2024

• # of New Properties on Market Last 7 Days: 320 (up from last week)
• # of Properties Under Contract Last 7 Days: 259 (down from last week)
• # of currently Available Properties: 1,330 (up from last week)
• Average Listing Price
  Single Family: $1.4mil
  Condos/Townhomes: $710k
  Multi-unit up to 4 units: $1mil
• Average Sold Price (last 30 days)
  Single Family: $1.5mil
  Condos/Townhomes: $822k
  Multi-unit up to 4 units: $980k
• Average days on market: 18 (quicker than last week)
• Homes Sold in the last 7 Days: 214 (down from last week)
• Homes Sold in the last 30 Days: 860 (up from last month)
  
  

Contra Costa County as of 3/28/2024

• # of New Properties on Market Last 7 Days: 385 (up from last week)
• # of Properties Under Contract Last 7 Days: 284 (down from last week)
• # of currently Available Properties: 1,157 (up from last week)
• Average Listing Price
  Single Family: $1.6mil
  Condos/Townhomes: $632k
  Multi-unit up to 4 units: $1mil
• Average Sold Price (last 30 days)
  Single Family: $1.23mil
  Condos/Townhomes: $725k
  Multi-unit up to 4 units: $980k
• Average days on market: 23 (slower than last week)
• Homes Sold in the last 7 Days: 188 (down from last week)
• Homes Sold in the last 30 Days: 701 (down from last month)
  
  

Marin County as of 3/28/2024

• # of New Properties on Market Last 7 Days: 66 (down from last week)
• # of Properties Under Contract Last 7 Days: 71 (up from last week)
• # of currently Available Properties: 336 (up from last week)
• Average Listing Price
  Single Family: $3.8mil
  Condos/Townhomes: $840k
  Multi-unit up to 4 units: $3.6mil
• Average Sold Price (last 30 days)
  Single Family: $2.3mil
  Condos/Townhomes: $860k
  Multi-unit up to 4 units: $1.15mil
• Average days on market: 38 (quicker than last week)
• Homes Sold in the last 7 Days: 44 (down from last week)
• Homes Sold in the last 30 Days: 154 (up from last month)

If you are interested in a specific City, please let me know – I would be happy to provide that for you! Please also reach out if you have any other questions.

Have a wonderful rest of the week!

Best regards,

Basak