Castro Valley Real Estate 2013 Update
In 2013, 596 Castro Valley homes closed escrow. Thats $340 million in transactions! With a low inventory of homes for sale, Castro Valley had a slower real estate market in 2013 ending with a higher average sold price for 2013. The overall average Castro Valley home Values increased by a whopping 25% closing at $570,000. Homes sold for an average of 102% over asking price, while in 2012, sellers only got 98% of what they hoped for.
Low inventory also spurred multiple offers, and a 40% increase in all cash offers. Time spent on the market decreased by 39% – homes were on and off the market in 22 days versus 36 days in 2012.
More than half of the homes sold were the 3-bedroom type followed by 177 4-bedroom homes. The 3-bedroom homes landed 104% of asking price while the 4-bedrooms snagged 102%.
Not only single family homes experienced an increase in value and demand: so did condos and town homes. Highly sought after by investors, Castro Valley condos and town homes had a 35% increase in price. Those sellers got 105% of the asking price. Overall in 2013, 59 units sold with 18 days of market time.
So far in 2014, there has not been much of a change in the Castro Valley real estate market. It still is a seller market with high buyer demand.