There is something going on in the Lafayette Moraga and Orinda real estate market of recent. It appears as though the short sale is no longer chipping away at overall home prices in the area and we are starting to encounter some signs of a new beginning.
Last month in the Lafayette Moraga and Orinda area, there were 23 properties that sold. Of the 23, 17 were detached homes.
The average list price was $1,006,000. The average sale price was $982,000 a drop of about 2 percent.
There is also something else that's happening in our market. The return of the multiple offers. There were three houses in the past two weeks that had a minimum of 10 offers on each.
What's causing this phenomena to return. First, let's look at the fact that not a lot of real estate sold between 2008 in 2011. There appears to be a pent-up demand with not a lot of inventory, consequently we are seeing multiple offers on good lots.
I say lots rather than houses because it is the piece of land that has been the key selling point in all of these cases.
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