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July Real Estate Market Update
July 13, 2020 at 3:21pm | Mac Rogers
Can you believe it? The year is half way over. Summer is now the new spring selling season. Let's look at the June numbers for Castro Valley, Hayward, Dublin & San Leandro and see what's going on in the real estate market.
Hey guys, it's Mac Rogers, broker/owner of Albert Rogers Realty here in Castro Valley CA. If you are new to the channel, I do real estate market updates as well as tips and advise for home buyers and home sellers. If you like this information, do
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out. If you have any questions, comments or feedback please let me know below.
Lets start with Castro Valley, comparing June 2019 and June 2020, the number of active and pending properties are down.
Sold properties slightly up by 6%. Days on market or how fast properties go pending is up to 20 days from 17. Which means that it's taking 3 days longer for a home to sell compared to last year.
Same story in Hayward. Inventory way down. Pending stayed the same. The number of homes sold is significantly down. Days on market also slightly up.
In Dublin, the number of ACTIVE listings also down BUT pending is way up.
However, the number of properties that got sold is significantly down as well. Days on the market, also going up.
In San Leandro, active listings was down a bit but pendings are up.
The number of sold properties also down. Days on market also inching up just like Castro Valley, Hayward & Dublin.
As you can see the story is the same for all these cities. Inventory significantly down except in San Leandro which was only slightly down.
Days on the market is slightly up for all four cities. Not significant but something to keep an eye out on.
Prices remain strong and the bidding is getting hotter again. I am getting significantly more requests to see properties everyday.
I’ll share this one story with you. There was a property that we bid on in San Leandro and when we wrote the contract, there were already 5 offers that were submitted. We wrote an offer $65,000 over asking and when the dust settled, we were not even
in the top ten! I believe they ended up getting close to 20 offers.
The property was nice but it wasn't a property that I thought would get that much attention in San Leandro for that price and the type of property. It was priced just under around $900,000.
Speaking of price. Take a look the chart here. This is average sales price from January 2019 to June of this year. As you can see from month-to-month we have not really gone up a lot since the beginning of January 2019.
This looks to be a good sign since a slower rate of appreciation is more sustainable rather than big spikes.
So what can we expect from July? By all indications right now, it seems like there will be a lot more activity judging by the number of buyers that are coming out and requesting to tour homes. It really just all depends on inventory. If buyers can
find the home that they like then we should see an uptick in the number of sold.
That's our real estate update for this July. If you would like an update for your specific city please comment below and I will send that to you.