What a real estate ride the last 18 months has been. The pandemic, low interest rates, and growth of wealth in the stock market have all contributed to an out of control housing market. We have been recalibrating about every 6 weeks as the market changes so rapidly. Buyers, sellers and their agents have all been scrambling for the best information and wisdom on how to navigate the turbo driven market.
As we enter the 4th quarter of 2021, everyone is asking what will the rest of the year be like and if we recommend buying or selling now or waiting for next year. I don’t know any real estate professional who is boldly declaring they know about next year. So what do we know? The number of homes sold in Central Contra Costa County is up 17% over 2020 and up 20% over the four year average. The median sold home price is up 19% over 2020 and up 32% over the four year average. The average days on market has dropped to 11 days.
Normally post labor day we see a boost in inventory over late summer home sales, but this year it has not materialized. The number of homes for sale post Labor Day is down 22% from 2020, even as median prices have risen 20% and days on Market are down to just 8.
