Castro Valley, CA Real Estate Market Update - October 2023
Hey there! It's Kevin Peterson, your friendly neighborhood REALTOR®, here with your exciting Castro Valley real estate market update for October 2023.
Whether you're a buyer or a seller, you're in for a treat today. So let's dive right in!
Currently, we have a very competitive market with only 1.3 months supply of inventory. That means, if no new homes were listed, it would take less than a month to sell all the existing ones. This low supply indicates a strong seller's market. How does this compare to the last 5 years?
Castro Valley typically has inventory below 2.5 months so a hot seller's market. Finding a home here will be competitive but currently, we are seeing the competition starting to reduce as you'll see in the next couple of metrics.
Now let's talk about the List to Sold Price percentage. In Castro Valley, homes are selling, on average, for 106.9% of their listing price. This means that sellers are achieving a higher sale price than what they initially listed their homes for. It's a fantastic advantage for anyone looking to sell their property.
Time is of the essence in our market. The median days on market is currently at just 9 days. That's right, homes are being snatched up at lightning speed. So, if you're a buyer, you'll need to act fast and be prepared to make competitive offers to secure your dream home.
Finally, let's talk about the median sold price. In Castro Valley, the median sold price is currently at $1,311,000. This indicates a healthy and stable real estate market. Whether you're buying or selling, understanding the median sold price is crucial for setting realistic expectations and making smart decisions.
And there you have it, folks! The latest market update for October 2023. Whether you're a buyer or a seller, these numbers provide valuable insights into our thriving real estate market here in Castro Valley, California.
Remember, if you have any questions or need assistance navigating the market, I'm here to help. Reach out to me at 650.451.8763. Until next time, stay informed and keep making smart real estate moves. Take care, everyone!