The second quarter of 2014 continued with an increase in activity on the residential side of Lamorinda real estate with supply continuing to be low with pendings up slightly, and closings up with the average sales price higher in Lafayette, Moraga and Orinda - much higher than 2Q2013.
Per Contra Costa Association of Realtors statistics reported from April 1 through June 30, 100 single family homes closed in Lafayette which was close to the 105 in the same period one year ago. Sales prices ranged from $565,000 to $3.65 million and the average number of days on market was 17. In the year ago second quarter it was 18 days. It was 27 days in 2012. The average sales price was $1,396,941 which was significantly higher than the $1,226,216 for second quarter 2013 and second quarter 2012 when it was $1,053,173. It should be noted that there was one sale of a home in excess of $2 million and one in the $5 million range that were not reported to the MLS with a sales price. These two would certainly bring the average price to well over $1.4 million.
In Moraga the number of single-family closings was 43, up from 36 in 2Q2013. Prices ranged from $860,000 to $3,337,500. The average sale price was $1,301,236 up from $1,144,668 in the year ago quarter and from the $983,785 in 2012. The average marketing time was 17 days and it was 18 days in the same period in 2013.
In Orinda, the number of single-family closings was 80, versus 83 a year ago. Sales prices ranged from $699,000 to $3,461,250 with an average price of $1,434,930. A year ago it was $1,282,236. And two years ago it was $1,132,702. It took an average of just 23 days on the market to sell a home versus 20 in the identical quarter in 2013. There was one sale in excess of $3 million where the sale price was not reported to the MLS
So far this year, on an average price per square foot basis, Lafayette detached single-family homes sold at $537 per square foot up from $495 per square foot in 2Q2013. Moraga homes sold for $506 and Orinda was at $530. In 2013, in the same calendar quarter, these amounts were $458, and $498 respectively.
In Lafayette, the average sales price was 104.5 percent of the final asking price. In Moraga it was 104.4 percent and in Orinda it was 102.96 percent.
In the condominium/town home category, Lafayette had six closings between $488,888 and $781,984, Moraga had 27 ranging from $301,000 to $870,000 and Orinda had four starting at $555,000 and the highest at $1,192,500.
As of July 9, there were 119 homes under contract per the MLS in the three communities combined with asking prices of $299,950 to $2,975,000. A year ago at this same time there were 102 pending properties. It should be pointed out that there are only three "Potential Short Sales" that are currently pending and were subject to lender approval. At this same time a year ago there were nine and two years ago there were 29! There are no pending REO (bank owned) sales.
This is due to property values continuing to increase versus two years ago and many of those sellers are no longer "under water" or have been able to refinance their homes and are no longer at the point of foreclosure.
Inventory, however, has finally started to increase after several quarters of decline. There are 126 properties on the market in the three communities combined while a year ago there were only 96.
There are "only" 47 properties on the market in Lafayette - similar to the 49 at this same time last year. Asking prices in Lafayette currently range from $569,000 to $7.75 million. Of these, only one is a distressed sale - attempted short sales or REOs. In Moraga, buyers have their choice of only 17 homes or condominiums listed between $299,000 and $3.65 million. A year ago at this time there were 20.
In Orinda there are 62 way up from 36 on the market at the same time a year ago and also up from 53 in July, 2012. The list prices range from $329,000 to $4.99 million.
There are no bank-owned or short sales currently in the MLS available in any of the three communities.
At the high end, 32 homes sold above $2 million in the three communities combined. A year ago there were 12 sales in the $2 million-plus range in the second quarter. There are 36 currently available above this amount in the three communities combined.
Interest rates continue to be at very attractive levels and many corporations have expanded their activity and continue to relocate families both in to and out of the area.
Lastly, it is important to look at what homes are selling for versus their list prices. Often homes come on the market at unrealistic prices, and they do not sell, but in the second quarter of this year many homes have had multiple offers and have sold at or above the list price.
Of the 100 single family sales that closed in Lafayette in the second quarter of 2013, 80 sold at or above the list price. Three of the six non-single-family homes in Lafayette sold at or above the asking price.
In Moraga, 36 of the 43 sales were at or above the asking price and in Orinda, 57 of the 80 sold at or above the final listing price.
One continuing issue that has come up recently is having a property appraise for loan purposes. As appraisers use closed sales in establishing their values, they can trail a rapidly increasing market. In these situations, purchasers have often had to come up with the difference between sales price and appraised value in additional down payment or attempt to negotiate a lower sales price with a seller.
|
Lamorinda Weekly, Moraga CA