Pricing tells the same story. In August, 47% of Lamorinda homes sold above their list price, up from 38% last August and notable heading into a season that typically cools. Local homes are selling in an average of 19 to 31 days depending on price point, while the national average was 56 days.

Why the difference? Lamorinda simply doesn't have much turnover. Lafayette sees fewer than 300 home sales a year, and families who move here for the schools tend to stay. That keeps supply structurally tight, and with mortgage rates now above 7%, many owners holding lower rates have even less reason to list.

That said, tight inventory doesn't guarantee every home will have a bidding war. Even with 47% of homes selling above list in August, just over half did not. The homes commanding a premium are the ones buyers see as worth competing for, and right now that means both location and condition. With rates where they are, buyers are stretching to make the purchase work and have less room in the budget for renovations after closing, so turn-key homes on strong lots are drawing the most competition. Low supply raises the floor, but buyers here are still discerning.

At the top of the market, the $4 million-plus segment had 1.7 months of supply at the end of August, with average days on market of 31. That's still far below the national figure, but it reflects a segment where buyers are discerning and pricing precision matters most. Above $5 million, there were only two active listings at month's end, against 19 sales over the past year.

For sellers, the national headlines don't describe your competition. With inventory this tight, well-prepared homes priced for today's market are still meeting strong demand, and fall tends to bring serious buyers and fewer competing listings. For buyers, the leverage you're reading about nationally may not show up here, particularly on the best homes. Being pre-approved and ready to move decisively still matters.

National trends are useful context, but real estate remains intensely local. We're always happy to walk through what these numbers mean for your neighborhood, or your street.