What can we say, 2020 did not go as predicted, so any 2021 forecasting perhaps should be taken with a grain of salt. As it turns out, our crystal ball is really just clouded glass. That being said, here is what we see happening post insurrection, post inauguration, and anticipating new administration policies (both COVID and financial.)
Local East Bay markets are still being driven by low interest rates, inventory below demand, and the migration from the city to the suburbs. We are seeing renters moving to home ownership and sellers moving out of state.
Inventory in central Contra Costa County jumped by ~10% in 2020 over 2019 and the average sales price jumped by $135k (~15%). Early 2021 finds the inventory further lagging behind demand with 10x multiple offers on well priced homes. For instance, our recent listing in Moraga had 110+ showings in one week, soliciting 9 offers well over the asking price. That means there are still 100 buyers looking in that marketplace with just a handful of homes for sale.
We are counseling our buyers to understand the market and the risks involved, be patient and wise with their money, and to shop for homes listed below their budget. Sellers continue to be in the driver’s seat of most transactions. If you are a homeowner considering making a change this year, give us a call so we can help you explore your options.