This Lafayette home sales report re-caps first quarter sales for 2016 in the this upscale California community and provides buyers with an overview of what to expect now that the spring selling season is underway. Numbers reported are for detached, single family homes only.
Lafayette home sales in the first quarter of 2016 dropped to 43 homes from 56 in same quarter of 2015 (see chart). Homes were priced mostly above market value (if we use the final sales price as market value) and over half sold above asking price. Distressed sales continue to be the exception among Lafayette home sales, with no bank-owned/REO sales or Short Sales in 2015 and only one foreclosure sale and one Short Sale in 2016.
There are currently 31 homes in escrow pending sale, which sold in an average of 19 days. 56 homes are actively listed for sale, which have been on the market an average of 37 days. There are no REO/foreclosed homes and one Short Sale listed for sale.
If you’re looking to purchase an Lafayette home this year, here are conditions you are likely to encounter:
- Inventory will continue to be low to moderate.
- Sellers will price their homes a little above or at anticipated market value. Expect multiple offers to be made on many homes.
- Distressed properties – foreclosures and Short Sales – will not have a significant influence on home values.
Standard advice to buyers applies for Lafayette homes in 2016:
- Get pre-qualified if you intend to buy with a mortgage.
- Be prepared to react quickly when homes that meet your criteria come on the market.
I hope this information is helpful to both buyers and sellers. If you would like to see current listings, click here: Lafayette Homes For Sale.
If you would like help buying or selling real estate in the Bay Area, please drop us a line: Contact Us.