The beginning of Q1, which runs from January through March, shows a slow market, with seller’s holding the cards and buyers scrambling to find homes.
Strategists credit the slow market with the number of baby boomers choosing to stay in their homes longer rather than downsizing. The average number of years a seller stays in a home has increased to 11 years, with baby boomers being accountable for keeping 1.6 million dollar homes off the market. (The biggest housing trends to watch in early 2020, from mortgage rates to construction)
Low inventory meant many eager home buyers were forced to make quick offers, many of which were several thousand dollars over asking price.
Predictions for Spring and Q2
As the weather gets nicer, the holidays end, and summer peaks its warm head, experts predict that sellers will be more likely to put their home on the market, opening the door for first-time home buyers and those looking to relocate or upgrade.
The surge in new construction homes will also increase inventory, but for first-time homebuyers, the price of the new construction homes may be out of reach.
However, low interest rates, a booming economy, low unemployment rates and an election year tend to favor for a stronger market moving forward.
Tri Valley Market Summaries for the Week of February 19, 2020
Dublin’s Market Summary
The median list price for a single family home in Dublin is $1,173,602, up over $50,000 from last year at this time; average days on market is 40; and inventory remains steady at 34 homes.
Pleasanton’s Market Summary
Pleasanton’s median list price for a single family home is $1,199,000, down $200,000 from last year at this time; average days on market is 82; and inventory holds consistently at 62.
Livermore’s Market Summary
The Livermore market depicts the median list price of a single family home at $872,000, up over $22,000 from last year at this time; average days on market is 91; inventory is calculated at a steady 52 homes.
*statistics based on information obtained from Altos research
Considering a Move to the Tri Valley? Work with The Gamache Team to Get Results
It’s more important than ever to work with an experienced, professional Realtor® who understands the market. The Gamache Team has been selling real estate for almost 50 years and understands market conditions and how to price a home to sell quickly and for top dollar and how to write a solid offer to get you into the home of your dreams.
Our solid reputation in the industry works in your favor, as we have favorable relationships with other Realtors® and lenders who can pre-qualify you to afford the home you have your eye on.
Thinking of selling? Our advice is to act sooner rather than later. Want to purchase a home in this market? Don’t give up! We are right here by your side!
Connect with The Gamache Team, the Tri Valley’s Real Estate Professionals