Tri-Valley & South Alameda County - Real Estate Market Report JANUARY 2024

Tri-Valley Monthly Market Report

Median House Sales Price by Quarter:

  • The median house sales price for Q4 2023 was up by approximately 8% from Q4 2022, which indicates a recovering market after a peak in Q2 2022. Despite the seasonal and quarterly fluctuations, this upward trend suggests that market conditions have been improving.

Annual Sales Volume:

  • In 2023, the annual sales volume in Alameda County decreased by about 26% from 2022. This significant drop in sales volume could be attributed to a combination of factors such as higher interest rates and economic uncertainty, which typically lead to a cooling of the housing market.

Mortgage Interest Rates:

  • Mortgage interest rates in 2023 have shown volatility with a peak on 10/26/2023 at 7.79% followed by a decline towards the end of the year. As of December 28, 2023, the weekly average 30-year interest rate was at 6.61%. The high rates earlier in the year likely contributed to the decreased sales volume as higher borrowing costs tend to reduce buyer demand.

Active and Coming-Soon Listings:

  • The number of active and coming-soon listings on January 1, 2024, was extremely low, with only 311 listings, which is a decrease from previous years' figures on the same date. This low inventory could create a seller's market where demand outpaces supply.

Recommendations for Buyers:

  • Monitor interest rates closely as recent trends show a decrease, which may provide more favorable loan conditions.
  • Take advantage of the current low inventory by being prepared to act quickly on desirable properties due to potential competition.
  • Consider negotiating power as the market is showing signs of recovery; however, the low sales volume from the previous year might still give some leverage in negotiations.

Recommendations for Sellers:

  • With low inventory and a recovering market, sellers may find it advantageous to list their properties now to capitalize on the lack of competition.
  • Price properties competitively to attract interest in a market that has seen recent volatility in sales volume and prices.
  • Be prepared for potential quick sales, but also be aware that the market's recent performance may bring cautious buyers.

Want more professional advice on buying houses or listing your home in San Francisco Bay Area? 
Contact Tracy Tang Team for more exclusive info:

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