In the serene enclave of Lamorinda, nestled within California’s rolling hills, the housing market has been in flux. Encompassing the quaint towns of Lafayette, Moraga, and Orinda, Lamorinda has seen a set of intriguing market trends as 2023 unfolds. This article aims to shed light on these trends, providing a vantage point for prospective buyers and sellers.

Home Prices in Lamorinda:

Although the median sales prices in Lamorinda have been ascending in recent months, they have yet to reach the zenith seen in Spring 2022.As 2023 nears its end, the projected average sale prices for Lafayette, Orinda, and Moraga are expected to rise.

Days on Market in Lamorinda:

The number of days before entering escrow has increased this year. It started at over 50 days in January, settled to 28 days during market peak, and is now 30 days and rising. It is likely to accelerate due to the scarcity of available listings.

Inventory Scarcity in Lamorinda:

The recent 12-month period saw the lowest number of new listings in over two decades, signifying a notable inventory shortfall.
Even with a rise of 10% to 20% in active listings, the housing supply continues to lag behind, a situation worsened by fewer sellers listing their homes.

Hurdles in Affordability:

The fraction of California households capable of acquiring a median-priced single-family home remains considerably low due to prevailing market conditions and lending norms (interest rates), thereby narrowing the path to homeownership for many.

Market Equilibrium:

The ongoing mismatch between supply and demand is aiding the recuperation in home prices and is also impacting the total sales volumes.
Navigating through these trends is pivotal for making judicious decisions, whether one is keen on buying or selling in the Lamorinda region. The uptick in home prices mirrors a seller’s market, yet the challenge of low inventory and affordability might necessitate swift and prudent actions from buyers in this competitive market arena.