Despite the volatility seen in the banking sector and financial markets, spring has sprung in the Lamorinda real estate market. Historically, the highest number of houses sold each year is in April and May, but we don’t always see the highest sales prices in April and May. Real estate is about supply and demand. The lower the number of houses available, the higher the sales price.

Why does the spring rush occur in real estate? Let’s face it; we are creatures of habit and not all that different from the grizzly bear. Winter is not the ideal time to sell a house, given the distraction of the holidays, weather patterns, school being deep in session, and bleak winter gardens, equating to drab photography. This year we added heavy rain, rate-locked sellers, and financial uncertainty to the list of reasons buyers and sellers have been hibernating longer than normal. 

Luckily, just like the bear, real estate does wake up. And it is a great time to wake up! Sunshine, blooming trees, green hills, and spring activities miraculously arrive, and people begin to realize that if they want to make a transition in their housing, an easy time to do so is over the summer months. 

This year, the normal spring rush is beginning, and low inventory is absolutely a factor to pay close attention to. In Q1 2023, Lamorinda's available inventory was down 84% vs. Q1 2022. Here are the stats from January 1 through March 21 each year: 

Lamorinda Inventory Stats

Q1 2022: 207 Homes were listed
Q1 2023: 33 Homes were listed

With inventory down by 84% this year and traditional pent-up spring buyer demand strong, a good house will fly off the public and private markets. 

Buyers and sellers, you need to wake up from your winter nap quickly before you miss the spring selling season. If there is something that has you on the sidelines, please reach out to us, and we can think outside the box to make buying or selling a home a reality for you. With your transparency and trust, there’s not much we can’t accomplish together.

Dana & Team