The first quarter of the year is typically the slowest one of the real estate cycle. Sales and sale prices mostly reflect what was happening during the Thanksgiving and Christmas holiday. The market slowly starts to wake up post-Super Bowl as we head towards the prime selling season known as Spring Market. But this year was different. Buyers came out in droves following the new year. The combination of what we thought was low inventory plus historically low interest rates pushed sales prices to all new highs and multiple offers. Double digit offers became the norm in many cities. The average sales price in the combined 11 cities of central Contra Costa County rose to $1,452,234, a 22% increase over the previous first quarter in 2020. Homes were on the market an average of 17 days and sold for an average of 6% over the original list price. A closer look at inventory numbers show an increase of almost 42% in closed sales in Q1 2021 over Q1 2020. Instead of a shortage of inventory, it is the influx of buyers from San Francisco, Oakland, and the peninsula that helped push sales prices to record highs.
If you have been thinking of selling your home or simply want more information about the selling process, please reach out to us. We can help you explore your options, including taking advantage of the new Proposition 19 that went into effect on April 1st and lets you take your current low property tax base with you to your next home, anywhere in the state of California.