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March Real Estate Market Update-Tale of Two Halves #brokermac
April 17, 2020 at 10:43am | Mac Rogers
final March numbers are in. The numbers for the first half of March was as expected totally different from the second half of March after everyone was in shelter-in-place mode.
Hey guys it's Mac with Albert Rogers Realty. With all the things that has been going around, I've been doing these update videos pretty much at least 3 times a week. The one update that I forgot to do was the March real estate market update with the numbers
or the stats.
Let's go big picture first. Statewide the March numbers were down 11.5% from the previous month of February. And down 6.1% compared to March of 2019.
The median home price was $612,440 up 5.6% from February and up 3.6% compared to March 2019.
Lets go to our region, the east bay.
The number of properties that were temporarily withdrawn in the first half of March was 46. The second half of March that number jumped to 275.
Same thing with the cancelled listings. From 63 the first half of March to 153 in the second half of March.
Now let's go to the number of homes for sale. Let's start in the 880 Corridor. As you can see on this chart, all the cities had double digit declines compared to last March. With 6 cities declining 50% or more.
Home prices was a little different. It still up because the demand during the beginning of March was still up.
The number of homes sold was down everywhere with Newark as the only city that was positive.
Lets check out West Contra Costa.
Same story with the number of homes for sale. As you can see from the chart, all double digit declines. Hercules & San Pablo down more than 60%.
Sales price still mostly up. Again this reflects the strong demand from the beginning of March. San Pablo was up 20%.
The number of homes sold was mostly down except for Hercules unchanged and Pinole up 25%.
In Central Contra Costa the number of homes for sale all down except for Pleasant Hill. Declines were all in the double digits as well.
No surprise, the sales prices were all still up. Almost double digits for all.
The number of homes sold was all down double digits except for the lone bright spot. Pleasant Hill. It was up 40%!
In LAMORINDA, it was the same story. The number of homes for sale all significantly down.
The sales prices were mixed with Orinda on the positive side. Up 28% to almost $2,000,000.
The number of homes sold, also mixed with Moraga on the positive column.
In the tri-valley, the same story with number of homes for sale. Check out these high numbers.
Prices were still up with the exception of Pleasanton down 2%. Again this is a reflection of the high demand during the beginning of March.
The number of homes sold was quite mix for the tri-valley as you can see from the chart. Danville was actually up a big 40%.
And lastly let's check the Delta communities. You guessed it. The number of homes for sale all down. All significantly down by double digits.
The sales prices were a mixed bag. With a couple of cities like Disco Bay & Pittsburg up 10% & 9% respectively.
Same thing with the number of homes sold. Fairly mixed with Pittsburg posting the biggest decline at 26%.
And finally let's look at a comparison of the number of pending home sales in March. As you can see from this chart. ALL down double digits.
From this its not hard to figure out, April numbers will most likely be continuing to trend down.
I Hope you guys found this info useful. If you are thinking of selling please check out my video series on how to sell during this pandemic or reach out to us and we can give you a through market analysis of your property and how the value is being affected
by this coronavirus pandemic.
For the buyers, we have a free resource guide that will help you with your home search.
Thanks and Stay safe and I will see on the next update.