Yesterday, I sat on a panel of distinguished industry experts for Luxe SF (previously known as the Luxury Marketing Council) to discuss the 2023 Bay Area real estate market. What is very clear to me is that nobody really knows what to predict for 2023. However, there was some positive sentiment that the local Bay Area real estate market will reengage by mid-April and that rates would eventually settle in the high 4’s later next year. Only time will tell what really happens next!
Our current market stats are as follows:
In Lamorinda, November 2022 real estate sales prices were down 22% from the April 2022 peak but are currently only 2% lower than in November 2021. However, in November of 2021, interest rates were only 3%. Our absorption rates (the percentage of homes on the market selling) have declined from 62% in November 2021 to 34% in November 2022.
These stats tell us that most Lamorinda houses will need to depreciate further to sell given today’s interest rates alone.
Knowing this, in my opinion, we need to focus on the positive. This begins by realizing how incredibly lucky we are. We can’t always time real estate markets perfectly, but we can select the community we want to grow roots in. Lamorinda is an incredible community with top-rated K-12 schools and a geographical location that allows us easy to access commute routes and dreamy world-class destinations such as Lake Tahoe, Carmel, Napa Valley, and San Francisco. We have an abundance of outdoor recreation opportunities at our doorsteps, a thriving business corridor, civic-minded residents, pristine neighborhoods, good housing options, and low crime.
Keeping the above two driving forces top of mind -- hyper-local market stats and the strength of our community -- the Dana Green Team would like 2023 to be about you! We are here to help you evaluate your specific needs. Together we can determine what is best for your family, your emotional well-being, and your financial outlook. We pledge to you that your "big-picture" will guide our thinking and our actions!
Our team has the reps needed in this industry (over $2B in sales), incredible depth, the trust of the community, and the passion for our trade needed to create a winning strategy in this next real estate market – tailored to you and executed flawlessly. We are in an ideal position, honed and perfected, with over almost 20 years of experience to help guide you. We can’t wait to help you create your path. We are excited about the future of housing and the Lamorinda community!
Dana & Team