January 15, 2020 at 7:45am | Mac Rogers
If you saw my last video it was about the national real estate market update. This time around will talk about our local market, the Eastbay.  This month we’ll look back at residential real estate trends during 2019 and see just how much things have changed.

Let’s start with the big picture. Lack of homes for sale was driving the real estate markets throughout the East Bay for the last several years. In 2019 the number of homes for sale reached a three-year high in several East Bay regions. That's more inventory. With buyers having more choices this had a direct impact on sales prices. If you take out Lamorinda and the Delta regions, prices actually dropped during 2019 compared with 2018.

Lower prices and more inventory didn’t inspire more home buyers to start shopping. The total number of homes sold in the region dropped to a three-year low during 2019.

Now let’s get local. My main market the 880 Corridor. Almost 600 more homes for sale during 2019. With big increases in Fremont, Newark, Oakland and San Leandro. Sales prices were all either up or down in the single-digit range – a big change from previous years. Oakland had the biggest price increase. Up 6% but prices in Union City dropped 15%. Sales along most of the 880 corridor were almost unchanged.

Let’s look at West Contra Costa County. There were 100 fewer homes for sale during 2019 which represents a 5 percent drop. Sales prices almost unchanged in this region. The biggest news was the 5 percent increases in Richmond and San Pablo. With fewer homes for sale, the actual number of homes sold also dropped. Sales were down more than 130 units with the biggest change in Richmond.

On to Central Contra Costa County. About 280 fewer homes for sale for the region with Concord and Martinez losing the most inventory. Sales prices were virtually unchanged from 2018. Prices in Clayton were up 5 percent and up 4 percent in Walnut Creek compared with 2018, but everywhere else it was in the 1 percent up or down range. Home sales also mostly down or flat.

Big jump in homes for sale in Lamorinda – 200 more units. Orinda accounted for more than 100 of those. Even with more inventory, sales prices were up. Lafayette up 17% compared with 2018. Home sales did drop during 2019 about 12% for the entire region.

Now the Tri-Valley. Compared with 2018, a lot more homes for sale – more than 900 for the region. More supply, plus years of price appreciation put the brakes on sales prices during year. Take out Alamo and Danville and prices were actually down in the rest of the Tri-Valley about 3 percent. The number of homes sold also took a hit. Livermore and San Ramon were the only exceptions, with fewer homes sold everywhere else.

The Delta Pittsburg had about 100 fewer homes for sale. But with almost a thousand homes for sale in Brentwood, there was a net increase in supply for the region. Prices during 2019 up six percent in Antioch, 5 in Brentwood and basically flat in Pittsburg compared with 2018. This combo didn’t help sales. Fewer homes sold in each of the Delta communities.

So what about 2020? The price stability that we started to see in late 2018 and continued in 2019 should also be part of 2020. Places like Hayward, San Leandro, and Oakland are the areas were there are still homes that are somewhat still affordable. Competition in the lower price or first time home buyers would still be there and more inventory in the higher price or upgrade homes. More so in areas like my hometown of Castro Valley and areas that have great school districts. If you want to know more about your specific neighborhood send me a message and we will send you your free market report.

Thanks for watching.
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