Some Surprises in the California Real Estate Market!

[Ken and Ari Walker]

The housing market in California slowed down substantially in 2023 with rising interest rates and sluggish inventory across the state. Home prices weren’t increasing like they did the first few years of the pandemic, especially in the Bay Area. Despite this slowdown, the greater Bay Area region is still the most competitive place to buy a home in California, according to data from Redfin. 

Seven of the ten topmost competitive California cities to buy a home in were in the Bay Area! Using days on the market as their criteria, how many offers a home got, how often contingencies are waived, and the sale-to-list ratio, these following Bay Area cities made the list: Mountain House, Newark, San Leandro, Sunnyvale, Cupertino, San Lorenzo, and Santa Clara. 

The least competitive city in California was Laguna Beach, then Joshua Tree, then Idyllwild-Pine Cove. 

Housing prices in California grew the fastest in Tustin, which was up 11.7% year over year with a median home price of $1 million! 

Surprisingly, the second most dramatic price growth of the year was in the small city of Coachella, which saw an 11.5% increase in home prices with a median price of $409,261. 

Prices grew the slowest in Malibu, Live Oak and Beverly Hills. Albany, Burlingame Lafayette, Millbrae, and Alameda took the 5th through 10th spots of slowest price growth in the state. 

Sacramento had the highest migration interest in the state, followed by Bakersfield. This trend of residents moving inland isn’t going to slow down anytime soon, according to Redfin’s Daryl Fairweather, Chief Economist. He thinks these two cities could see even more gains in 2024 because of their good value right now. 

Looking forward to seeing how the upcoming quarter 2 real estate market plays out!  Our new reaches for private money loans have started picking back up, with more purchases being worked on.  Should be a decent year all around.  

Best,  

Ken & Ari Walker - Your Direct Private Money Source  

 

Husband & Wife Team  

Phone: [phone] / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401 
Ken: CA DRE Broker #01858042 / NMLS #1221130 
Ari: CA DRE #01858152 / NMLS #2170867 

 

Bio: Ken & Ari are a husband & wife team with over 30 years of combined real estate and private money lending experience.   They like working with buyers & borrowers, as well as directly with other licensed individuals who have clients in need of fast & alternative financing, and who can benefit from Private Money mortgages. (Qualify for our financing despite DTI ratios, credit score, property condition, difficult to prove income, etc. on purchases and refinances for owner occupied & investment properties.)