Weekly Market Report: May 15 - 21, 2024

Take a look at this guide for the week of May15 - 21, 2024. Get valuable insights to strategically plan your next home purchase.

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

East Bay

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

East Bay
The East Bay real estate market is experiencing a dynamic phase with 406 active listings, indicating a robust supply of homes. The introduction of 70 new listings suggests steady seller interest, although the market's competitiveness is highlighted by 104 homes sold. The median sold price of $1,532,500 aligns with the area's desirable living conditions and amenities. With homes typically staying on the market for just 8 days, it's evident that buyers are acting quickly. The market's vibrancy is further emphasized by 89 pending transactions and 29 price changes, reflecting both buyer demand and price adjustments to meet market conditions.

🏡 East Bay: More homes are available and prices are starting to drop, indicating a potential cooling in the market. Good news for buyers looking for deals!

South Bay

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

South Bay
South Bay's real estate market is bustling with activity, demonstrated by 940 active listings and a significant influx of 303 new listings. The strong sales volume, with 208 homes sold, supports the region's attractiveness. The median sold price of $1,657,549 underscores the area's high property values and demand. Homes move quickly, with a median of 8 days on the market, signaling a fast-paced environment. The 187 pending transactions reveal sustained buyer interest, while the 4 price changes indicate a relatively stable pricing strategy among sellers.

🏢 South Bay: The market here remains strong with lots of activity. Homes are selling fast, making it a great time to list your property.

San Mateo County

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

San Mateo County
San Mateo County stands out with its high median sold price of $2,362,500, reflecting the premium market conditions in this area. With 313 active listings and 85 new listings, the market shows a healthy level of supply. Despite the lower volume of homes sold (60), the quick turnover with an 8-day median market duration suggests high desirability. The 54 pending transactions indicate ongoing buyer engagement, although the single price change points to a stable market with minimal price adjustments.

🌉 San Mateo County: High demand continues, with premium prices. Homes sell quickly, so buyers need to act fast.

Lamorinda & Contra Costa

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

Lamorinda & Contra Costa
The real estate market in Lamorinda & Contra Costa is characterized by 358 active listings and a modest 15 new listings, indicating a tighter inventory. The region's more accessible median sold price of $1,137,500 may attract a broader range of buyers. Homes in this area typically spend a median of 9 days on the market, slightly longer than the other regions, suggesting a slightly more relaxed pace. The 66 homes sold and 76 pending transactions demonstrate steady activity. With 29 price changes, this market shows a significant amount of price flexibility, likely to attract and accommodate varying buyer budgets.

🏞️ Lamorinda & Contra Costa: The market is steady with some price flexibility. Homes are selling a bit slower, giving buyers more time to decide.

Overall Market Analysis

The San Francisco Bay Area's real estate market is vibrant, with each county exhibiting distinct characteristics. The East Bay and South Bay lead in terms of activity and inventory, with rapid turnover and competitive pricing. San Mateo County stands out for its high median sold price, reflecting a premium market segment. Lamorinda & Contra Costa offer a more balanced market with accessible pricing and a slightly slower turnover. Across the board, properties are selling quickly, indicating a high-demand environment. The occurrence of price changes in some areas suggests adjustments to meet buyer expectations and competitive pressures, ensuring the market remains dynamic and responsive. The market is active and competitive, with homes selling quickly. Prices are adjusting to meet buyer demand. Price seems to be slowing down!

 

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