12 properties in Lamorinda have gone pending in February as of the 13th. The most interesting aspect is the marketing time. Marketing time for detached units sold in the last 6 months of 2008 was an average of 49 days for 232 units. For the 12 units gone pending this month (5 Orinda homes, 5 Moraga homes, 2 Lafayette homes), the average days on the market is 16. Eight of them are 9 days or less! Is the market changing at the halfway point of February? One thing is certain; there are buyers ready to go right away for the right property. So if you are thinking about buying in the Lamorinda area, do your homework so you know when you are seeing a good property at a good price. Also, be ready with your financing so you can act in a timely manner when you identify your dream home. Inventory is around 170 units now and that number should be going up in the weeks to come.
For the Sellers, know that there are buyers out there and actively looking. One person told me at a recent Sunday open house that she had seen a lot of people out looking at houses that day. She said they were even walking all around the outside of the houses, like they were serious buyers. She looks at the Moraga Sunday open houses regularly because she owns 2 houses in Moraga and wants to stay on top of the market. Keep in mind Sellers, Buyers are still looking for and expecting a good deal. Your house should be in a fixed-up, updated condition to garner top dollar, and/or it should be priced accordingly. Get the opinion of a Realtor you trust. Plenty of people are out there that will tell you what you want to hear.
