The median sales price reached one-year highs in four of Pacific Union’s Bay Area regions in the first quarter, most notably in Silicon Valley, where it neared the $3 million mark. And in our East Bay region, home prices topped $900,000 in the final month of the quarter, while buyers shelled out an average of 16 percent above original price to close a sale.

Contra Costa County

The first quarter of 2015 started slow in Pacific Union’s Contra Costa County region, but real estate activity picked up significantly during March, including a steady increase in the number of homes on the market. Nonetheless, buyers continued to outnumber available properties, meaning that many homes received multiple offers. In some neighborhoods, sales prices topped asking prices by 10 percent or more.

Homes sold more quickly than in recent quarters, so buyers needed to have their financing in order and act fast in order to close a deal. The average sales price continued to rise throughout the quarter, and sometimes appraisals became a problem, as lending institutions failed to keep pace with current market prices.

Looking Forward: We expect to see more inventory hit the market in the coming months, as sellers realize that 2015 may mark a high point for prices. The region’s attractive homes and excellent schools continue to draw buyers – aided in no small way by low interest rates and a booming Bay Area economy. The market remains difficult for first-time buyers, but otherwise all signs point to a healthy and busy spring and summer.

Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the report charts includes single-family homes in these communities.

Contact Keith Katzman: 925.376.7776

Looking to buy or sell a home in the Lamorinda community? Contact Keith Katzman–a Moraga native with more than 30 years of industry experience.