Diablo Valley Real Estate October 2020 Report
Depending on the statistic and the source of data, analyses in this report will pertain solely to the Diablo Valley region, to Diablo Valley & Lamorinda, or to Contra Costa County, as delineated on each chart.
The table below compares Q3 statistics across 5 years. Q3, summer, typically sees a slowdown from the more heated selling season of Q2, spring, but the pandemic flipped seasonal market trends upside down.
Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger, more expensive houses, often in more expensive communities. Both dynamics are currently at play, but it is certain that affluent and very affluent buyers have made up a dramatically increasing percentage of the demand in East Bay and Bay Area markets.
Year over year, the average size of houses sold in the Diablo Valley-Lamorinda region increased by 4.3% in Q3.
Long-Term Trends in Median House Sales Price
through YTD 2020
Annual percentage changes in median house sales price: The 2020 YTD percentage will almost certainly change, one way or another, by the time full-year sales data is in.
Long-Term Trends in Median House Dollar per Square Foot Values through YTD 2020
Luxury home sales have soared in Q3, a common dynamic in most Bay Area markets. Our region has seen one of the more dramatic jumps in sales.
Median House Sales Price Trends by City
Remember that if the houses being sold are of larger size, that will affect median sales price – along with any appreciation in fair market value. The average size of houses sold has generally been increasing in 2020, across Bay Area markets.
Selected Market Indicators:
Reduced Supply & Increased Demand
In September, we also updated our semi-annual Survey of Bay Area Markets.