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Lamorinda Real Estate Market Continues Its Rebound July 2020 Report

Lamorinda Real Estate Market Continues Its Rebound July 2020 Report

Despite the ongoing health and economic crisis precipitated by COVID-19, the Lamorinda real estate market has staged a dramatic recovery from the steep decline in April. The median house sales price hit a new high in Q2, and high-end homes, in particular, have seen extremely strong demand – this applies to virtually every market in the Bay Area. More affluent buyers – the demographic least affected by COVID-19, unemployment, and also having the greatest financial resources – have been jumping back into the market to a greater degree than other segments.

Depending on the analysis, these charts will sometimes include Diablo Valley, or reflect the full county market.

The first chart below illustrates the big rebound in buyer demand in May and June, as the number of listings accepting offers rose above last year’s.

Contra Costa County ranks near the top of the scale in the Bay Area for the strength of buyer demand as compared to the supply of homes on the market.

The luxury home market of the greater Lamorinda-Diablo Valley region has seen an astonishing jump in sales activity.

The quantity of listings on the market has mostly recovered from the April plunge, but remains slightly lower than the level of last year.

Three angles on Lamorinda house values: Median sales price by quarter and by year (updated through 2020 YTD), and average dollar per square foot value by quarter.

Home prices by bedroom count and house-price trends in the communities of Lamorinda and Diablo Valley.

On average, sales prices in the last quarter were a tad below the asking price.

And mortgage interest rates hit yet another historic low.