If you’re considering buying or selling a home in Concord, California in 2023, it’s important to understand the local housing market trends. As a certified first time buyer specialist and real estate negotiator based in Concord, I’ve been keeping a close eye on the market. In this post, I’ll share some valuable insights that can help you make informed decisions.
The Concord Housing Market, Spring 2023
The Concord housing market has been on an upward trend, and sale prices are up! To provide you with a clear picture of the market, I analyzed single family homes between 1,200 and 1,600 sqft. Here are the key takeaways:
- From March 2023, homes have been selling at an average of 2% above their original list price.
- List prices have increased slightly to $750,000, and sales prices have increased by $30,000, from $740,000 to $770,000.
- Days on market have decreased from 28 days to just 9 days.
What Does This Mean for Buyers and Sellers in Concord, CA?
If you’re a buyer in the Concord housing market, you should be prepared for fierce competition. In fact, 8 out of 10 homes are receiving multiple offers, and 3 out of 10 sellers are still offering credits, rate buy downs, etc. However, this number is decreasing rapidly, so act fast!
If you’re considering using the CalHFA loan program, which provides a 20% down payment to buyers, it’s essential to act now. This program is immensely popular and has already used up one-third of its $300,000,000 budget. With just a month left, you need to act fast!
For sellers, this is the perfect time to list your home. With home prices on the rise and low days on the market, your home will likely sell quickly, and you’ll get a good return on your investment.
Here are some additional insights to keep in mind:
- 81% of homes sold in Concord in the last 30 days (March 7 – April 6) had more than one offer. One home even had 18 offers!
- 33% of sellers gave buyers concessions, such as credits towards closing costs.
- Mortgage rates have dropped from nearly 7% down to 6% or high 5% range, depending on the type of loan product.
Why Choose Me as Your Concord Realtor?
As a certified first time buyer specialist and real estate negotiator in Concord, I have a deep understanding of the local market trends. I can help you navigate the buying or selling process with confidence and provide valuable insights that can help you make informed decisions.