Homes for sale in Lafayette CA continue to perform better than average, further displaying the robust housing market in the Bay Area. Spring is typically the busiest season of the real estate year, and home inventories remain relatively low, although some normalization between buyers and sellers has certainly occurred in the last month or so. Homebuyers who are hoping to see some relief from the supply and demand dictated home prices could take comfort in the market that has clearly seen an improvement in available inventory.
Sales Highs in the Market
According to The National Association of Realtors (NAR), the real estate market is working to correct itself. Beginning in March, homes for sale in Lafayette CA were not only stronger, but like the whole of the Bay Area, they were experiencing an 18-month high point in prices and volume. The best gains have been in the mid-priced home — those that are the most affordable, and for those that have the highest demand. High demand, coupled with low inventory results in increasing prices.
Benefits for Homeowners with Homes for Sale in Lafayette CA
Homes for sale in Lafayette CA will benefit from these stronger listing prices and rapidly moving inventory. Continuous reports of strong sales and rapid inventory turnover create a consistency for trending models, which builds stability in the market. Bay Area residents hoping to transition from renters to buyers have found entering the market particularly difficult with only very high priced inventory available. Better inventories combined with strong sales in the mid to upper range will free inventory from the lower end of the housing market and more entry level housing will be available to residents. There is still a crunch in availability for entry-level housing, and with new housing starts still below average, having access to existing homes will add much-needed inventory to the market.
The real estate housing supply for Contra Costa County dipped again for another month and settled at 1.3 months of inventory. Lafayette CA homes for sale experienced only 1.2 mos of inventory based upon closed sales, and just 0.9 mos of inventory based upon the leading edge of the market — pending sales. The average home in the county sold in just 19 days, whereas the more pricey Lafayette market homes sold in an average of 22 days. The median Lafayette CA homes sales price climbed to $1.575M in May!