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January 2020 East Real Estate Update
February 06, 2020 at 9:52am | Mac Rogers
homes on the market pushed up sales prices during the first month of 2020.
Hi I’m Mac with Albert Rogers Realty here in Castro Valley California and this is your East Bay Real Estate Market Report.
The total number of homes for sale in the East Bay dropped everywhere in January 2020 compared with the same time last year. The median sales price increased 7% and sales were virtually unchanged. This says home ownership throughout is still very desirable.
So desirable that sellers are staying home and buyers are willing to pay more.
Let’s get a closer look starting with the 880 Corridor. Inventory down everywhere. Just look at these numbers. 61% in Hayward 63% in Newark Let's not even go to Albany. 100%. No new listings in last month.
Sales prices were all about supply and demand. Prices up everywhere. Check out these prices in Alameda, Albany and Oakland.
The number of homes sold were mostly down except for Castro Valley and Hayward.
Now lets check our tri-valley neighbors. Homes for sale down throughout the Tri-Valley. All double digit declines. Sales prices were also a mixed. Its was either flat or up except for San Ramon down 5%.
With fewer choices & higher prices this translated into less sales. Livermore was the only city that was up.
Here's a summary on the rest of Contra Costa county. It was pretty much the same everywhere. The number of homes for sale down double digits.
Prices were mixed. Again it was either flat, slightly up or down. Except for San Pablo & Moraga. San Pablo prices up 20% and Moraga up a big 41%. Home sales followed the same pattern.
With fewer inventory the number of homes sold also dropped. The exception was Lamorinda. All 3 experienced increased in the number of homes sold.
So what does this mean moving forward? January is usually a slow month for real estate. If inventory doesn’t pick up, look for more competition to push up prices.
I'm Mac with Albert Rogers Realty. If you have any questions comment below and I will get back to you. Have a great day.