Your Weekly Market Update - April 9, 2024

by Basak Cakici

Good afternoon! I hope you’re having a great spring day!

It’s time for our weekly update once again. As always, if you have any questions or need further clarification, please don’t hesitate to reach out. Also, please feel free to share this update with anyone you know who might find it beneficial.

INTEREST RATES

Conventional: 6.5 – 6.99% (depending on loan amount) - rates hold from last week
Jumbo: 6.75 – 6.875% (depending on loan amount) - rates hold from last week
FHA: 5.99% - lower than last week
VA: 5.99% - lower than last week
Conventional Investment: 7.25%

These rates are quoted by JVM Lending.

Buyer demand continues to strengthen as we move through the spring season, and while there has been a slight increase in the number of available homes on the market compared to last week, the demand still outweighs the supply. This indicates that it’s still very much a strong Sellers’ Market in the San Francisco Bay Area.
With the new CalHFA loan program now available for applications, we anticipate more pending sales in the near future as more Buyers can afford homeownership with this 0% down program. If you would like more information on this program, please let me know!

REAL ESTATE MARKET SNAPSHOT

Alameda County as of 4/9/2024

# of New Properties on Market Last 7 Days: 434 (up from last week)
# of Properties Under Contract Last 7 Days: 196 (down from last week)
# of currently Available Properties: 1,451 (up from last week)
Average Listing Price
Single Family: $1.35mil (down from last week)
Condos/Townhomes: $738k (up from last week)
Multi-unit up to 4 units: $1.15mil (up from last week)
Average Sold Price (last 30 days)
Single Family: $1.6mil (up from last week)
Condos/Townhomes: $815k (down from last week)
Multi-unit up to 4 units: $1.1mil (up from last week)
Average days on market: 12 (quicker than last week)
Homes Sold in the last 7 Days: 181 (down from last week)
Homes Sold in the last 30 Days: 838 (down from last month)

Contra Costa County as of 4/9/2024

# of New Properties on Market Last 7 Days: 434 (up from last week)
# of Properties Under Contract Last 7 Days: 206 (down from last week)
# of currently Available Properties: 1,302 (up from last week)
Average Listing Price
Single Family: $1.43mil (down from last week)
Condos/Townhomes: $691k (up from last week)
Multi-unit up to 4 units: $1.2mil (up from last week)
Average Sold Price (last 30 days)
Single Family: $1.23mil (same as last week)
Condos/Townhomes: $712k (down from last week)
Multi-unit up to 4 units: $1.12mil (up from last week)
Average days on market: 22 (quicker than last week)
Homes Sold in the last 7 Days: 143 (down from last week)
Homes Sold in the last 30 Days: 783 (up from last month)

Marin County as of 4/9/2024

# of New Properties on Market Last 7 Days: 83 (up from last week)
# of Properties Under Contract Last 7 Days: 50 (down from last week)
# of currently Available Properties: 387 (up from last week)
Average Listing Price
Single Family: $3.75mil (down from last week)
Condos/Townhomes: $760k (down from last week)
Multi-unit up to 4 units: $3.75mil (down from last week)
Average Sold Price (last 30 days)
Single Family: $2.5mil (up from last week)
Condos/Townhomes: $865k (up from last week)
Multi-unit up to 4 units: $1.4mil (up from last week)
Average days on market: 23 (quicker than last week)
Homes Sold in the last 7 Days: 47 (up from last week)
Homes Sold in the last 30 Days: 176 (up from last month)

As always, if you are interested in information about a specific City, please reach out – I’m here to help! Feel free to contact me with any other questions you may have as well.

Thank you for your attention and I wish you a wonderful and spring-filled week ahead!

Best regards,
Basak

GET MORE INFORMATION

Basak Cakici

Realtor & Architect | License ID: DRE# 02035715

+1(510) 684-3939