At the Dana Green Team, our commitment to staying deeply connected to the local market empowers us to guide you toward successful real estate outcomes. With our hands-on involvement in crafting and evaluating offers for both buyers and sellers weekly, we offer real-time market intelligence tailored to your needs. In addition to this hyper-local knowledge, we are excited to share the latest Lamorinda market data freshly released by COMPASS' Chief Market Analyst, Patrick Carlisle. Here's a snapshot of the highlights:
Lamorinda Market Highlights:
Median House Sales Price: In May 2024, the three-month rolling median house sales price surged by 6% compared to the previous year, maintaining its highest level since summer 2022.
New Listings: The influx of new listings during the first five months of 2024 saw a remarkable 28% year-over-year increase. As of June 1st, the inventory of active and upcoming listings reached its highest point in over two years, providing our clients with a broader array of options.
Home Sales: Year-to-date home sales soared by 17%, with luxury home sales experiencing an impressive 58% uptick. Luxury properties are defined as those above $3 million in Lafayette, Moraga, and Orinda.
Competitive Market: Nearly 60% of Lamorinda home sales in May closed above the asking price, with the average sale securing a 3.5% premium.
Speed of Sale: May witnessed the fastest rate of home sales in nearly two years, reflecting the robust demand in the market.
Interest Rates and Market Trends: Despite 30-year loan interest rates hovering around 7% in May and early June, a substantial portion of national homebuyers (estimated at 30% to 40%) opted for all-cash transactions. Additionally, buoyant stock markets have bolstered household wealth, influencing listing and sales activity. It's worth noting that summer typically sees a slight slowdown in real estate activity.
