East Contra Costa County Market Trends – Bay Area California Real Estate Forcast Winter 2018
😱 Wow, the market’s slowing in our local East County Market. Antioch, Brentwood, Oakley, and Discovery Bay, and it’s also happening across the 🗺 nation. This is typical for this time of year and also most likely, interest rates rising are playing a role in this trend.
👉🏽Sellers, remember, as interest rates increase, a buyer’s buying potential goes down by 10%. And buyers, don’t wait. Interest rates have increased about a half a percent just in the past 60 days alone. According to CNBC, rates could go up ⬆️ by another quarter point before the end of the year. And we’re just bidding under three rate heights to follow in 2019.
We’re also noticing another trend, that the number of homes that are selling each month is actually going ⬇️down. And they’re staying on the market about 25 percent longer than they were just back in July. Let’s compare the number of home that we’ve sold in each of our local city. We’re gonna compare Antioch, Brentwood, Oakley, and Discovery Bay, and you’re gonna see it, it’s quite a bit different from July versus what it is right now.
➖Brentwood, we had a 28 percent decrease in sales.
➖ Let’s look at Antioch now. We had a 29 percent decrease in sales on a number of homes that we’re selling.
➖Looking at Oakley, from July to October, we saw a 24 percent decrease in the number of homes that sold.
➖And lastly, Discovery Bay with the biggest impact, a 40 percent decrease in the number of homes that are selling.
🗣Listen, it’s really important for you to keep track of local and national trends to know how it affects you if you’re thinking about buying or selling. You can reach out to us because we can advise you on what the best course of action would be for you if you’re thinking about buying or selling in this market. Hey, let’s face it, we all love real estate, right? So it’s a good thing just to kind of knowledge even if you’re not thinking about buying or selling.
As always, make it a great home selling and buying day, and we can’t wait to hear from you 😄