Weekly Market Report: JUNE 5 - JUNE 11, 2024

Take a look at this guide for the week of June 5 - 11, 2024. Get valuable insights to plan your next home purchase strategically.



📍East Bay📍South Bay📍San Mateo County 📍Lamorinda & Contra Costa

East Bay

📍 Castro Valley 📍 Danville 📍 Dublin 📍 Hayward📍 Livermore 📍 Pleasanton 📍 San Ramon

The East Bay real estate market is currently experiencing a moderate level of activity. With 422 active listings and 56 new listings, the market shows a healthy influx of available properties. The median sold price stands at $1,350,000, indicating a competitive market with robust demand. Homes in this area are selling quickly, with a median of just 8 days on the market, reflecting high buyer interest. A notable feature of the East Bay market is the number of price changes, which at 31, suggests some sellers are adjusting expectations to align with current market conditions.

Market Trends:

  • High buyer interest leading to quick sales.
  • Active price adjustments indicating a dynamic market.
  • Steady influx of new listings maintaining market activity.

South Bay

📍 Campbell 📍 Cupertino 📍 Los Altos 📍 Los Gatos 📍 San Jose 📍 Santa Clara 📍 Saratoga

The South Bay market is bustling with activity, boasting 959 active listings and 242 new listings, the highest among the regions. The median sold price is $1,610,000, showcasing the area's desirability and strong market value. Homes here also sell very quickly, with a median of 8 days on the market, highlighting significant buyer demand. Interestingly, there have been fewer price changes (5), suggesting that pricing is more stable and aligned with buyer expectations.

Market Trends:

  • High activity and numerous new listings.
  • Quick sales reflect strong buyer demand.
  • Stable pricing with minimal adjustments needed.

San Mateo County

📍 Belmont 📍 Burlingame 📍 Foster City 📍 Hillsborough📍 Millbrae 📍 Palo Alto 📍 San Carlos 📍 San Mateo

San Mateo County stands out with the highest median sold price at $2,005,000, indicating a premium market. With 364 active listings and 73 new listings, the market remains active. Homes here spend slightly longer on the market, with a median of 10 days, suggesting a balanced pace of sales. Notably, there have been no price changes, reflecting a stable and well-priced market environment.

Market Trends:

  • Premium pricing highlighting market desirability.
  • Balanced market pace with homes selling within 10 days.
  • Stable pricing with no adjustments, indicating strong seller confidence.

Lamorinda & Contra Costa

📍 Lafayette 📍 Moraga 📍 Orinda📍 Concord 📍 Pleasant Hill 📍 Walnut Creek

The Lamorinda & Contra Costa region shows a dynamic market with 399 active listings and 15 new listings. The median sold price is $1,000,000, making it the most affordable among the regions analyzed. Homes here take slightly longer to sell, with a median of 11 days on the market. However, the region has the highest number of price changes (38), suggesting sellers are actively adjusting prices to meet market demands.

Market Trends:

  • Affordable pricing compared to other regions.
  • High number of price adjustments reflecting a responsive market environment.
  • Slightly longer selling period indicating a more patient market.

Overall Market Analysis

The overall real estate market across these regions in the Bay Area showcases a vibrant and active landscape. The East Bay and South Bay markets are particularly noteworthy for their rapid sales and significant buyer interest, while San Mateo County commands the highest prices, reflecting its premium market status. Lamorinda & Contra Costa, with its more affordable pricing, demonstrates a dynamic market with active price adjustments to align with buyer expectations.

Across all regions, the trend of quick sales within a median of 8 to 11 days signifies strong market demand. The varying levels of price changes highlight the different market dynamics, with some regions experiencing more stability and others showing flexibility to attract buyers. Overall, the Bay Area real estate market remains competitive, with each region exhibiting unique characteristics that cater to different segments of buyers and sellers.

 

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