The East Bay’s narrative of attractive affordability was only further supported by Contra Costa County this quarter, touting a very desirable (among buyers) $770,454 average sales price. While it fell a slight 3 percent from Q3’s $795,423 benchmark, the county’s fourth quarter price point was still a 9 percent increase from Q4 2016. Contra Costa County had the largest sales volume of all Bay Area counties with 2,643 total homes sold in Q4, down 13 percent from the previous quarter, but a four percent gain over the previous year.
The average seller saw their property go into contract after just 27 DOM, which was 10 percent faster than Q4 2016. Nearly all of the top 10 cities in Contra Costa County experienced year-over-year gains during the fourth quarter of the year—which really comes as no surprise given the considerable amount of people migrating to the area for its quality lifestyle, growing infrastructure, and top-rated schools.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Diablo had the second highest average sales price at $1.95 million, trailing closely behind Alamo’s $1.984 million. It was also Diablo which saw the largest year-over-year gain of 28 percent in Q4. Both Danville and Lafayette saw a 10 percent increase in average sales price this quarter.
SALES PRICE CHANGE
Properties that didn’t require a price change in Q3 netted 3 percent on top of the original asking price. While those who tested the market took a 6 percent less on the initial list price.