Market Update - May 2024

These graphs show some key metrics—Median Sales Price and New Listings—which capture the current state of the East Bay markets (Alameda and Contra Costa County).

Here are some key takeaways:

• 2024 Prices in Alameda County are similar to 2022 levels. Pockets of Fremont, Piedmont, Berkeley, and Pleasanton are still seeing multiple offers and the highest prices per square foot. These desirable areas continue to bolster prices in the East Bay.

• 2024 Prices in Contra Costa County are between 2021 and 2022 levels, the pandemic years when many buyers had interest rates below 3%.

• 2024 New Listings are trending downward, even during months that historically see more new listings. This is likely due to sellers losing some confidence in the market. New listings in 2024 are still at least 50% fewer than during the pandemic years.

In summary, sellers are losing confidence in the market due to persistently high interest rates, leading to a lack of new listings. As a result, prices continue to increase as buyers have fewer options. When a home that "checks all the boxes" hits the market, it often attracts multiple offers and creates a competitive situation. Therefore, if you are a seller, understanding your buyers and knowing how to market to them is crucial. Your agent can help you shape that strategy.

If you are a buyer, note that other buyers are currently overly critical and quick to dismiss a home. Therefore, take the opportunity to dig deeper and see if you can look past the superficial imperfections. This approach is not only helpful for finding a good deal but also a great way to explore what you truly want.

These are ways your agent can help set you up for success! Reach out to me to learn more!