TriValleyHomeSearch.com

The ultimate source on Pleasanton, Dublin, and Livermore Homes

Home Sales

That’s a Wrap! 2023 Tri Valley Real Estate Update

by

Goodbye and good riddance, 2023, and welcome 2024! What a whirlwind of activity 2023 put us through. Here is a brief recap of the 2023 Tri Valley real estate market. 

Mortgage Rates Soared

2023 mortgage rates were at their highest level since 2000, reaching highs of 8.45% (source) for a 30-year fixed loan in October 2023.  

Other loans also trended upwards, with the FHA 30-year, 15-year, and jumbo 30-year showing a spread of more than 2 percentage points between their highest and lowest readings. Even adjustable rate mortgages (arm) recorded a change of 1.5 percentage points from the highest to the lowest reading.

The high interest rates resulted in more people staying in their homes. Those who previously refinanced when rates were at their lowest a few years ago could not rationalize paying a higher mortgage for a new home. 

Less Real Estate Inventory in 2023

With more people opting not to move due to low interest rates, less inventory was available. Less inventory meant less sales. According to the Bay East Association of REALTORS®, buyers had approximately 500 fewer homes each month to choose from (source).

Buyer Behavior in 2023

Buyers facing high interest rates and less inventory had to make smart buying decisions. They tended to choose homes that were fairly priced, up-to-date, move in ready, and had appealing landscape, yards, and outdoor living space. 

While some agents reported multiple offers for the very best homes, many buyers in 2023 shied away from aggressive offers over asking price.

With a market in flux, low inventory, and a chance of missing out on a great home, more buyers counted on a real estate agent in 2023. “Buyers wanted an expert to help them find the right home and conduct negotiations,” explains Jessica Lautz, NAR deputy chief economist and vice president of research.

2023 East Bay Home Sale Prices

2023 East Bay median home sale prices dipped just a bit compared to 2022, from $1,180,000 to $1,125,000. Whether this pricing is in part due to buyers still wanting to purchase, inflated rates from a few years ago coming down to a more realistic price, or sellers having to readjust their expectations toward their purchase price, the fact is, the East Bay is still a remarkable place to live. 

Combine this information with the knowledge from the NAR that homes sat on the market an average of only 23 days, up only two days from 2022, it’s clear that both buyers and sellers had a vested interest in making quick deals (source).

Welcoming 2024 with The Gamache Team

Now that 2023 is squarely in the books, it’s time to welcome 2024. What will this new year bring? Without our working crystal ball, The Gamache Team can make fair predictions. 

After all, we have been in the real estate business for over 50 years and have seen the ebb and flow in the market. 

We can predict that sellers who put the time, effort, and dedication into hiring a professional Realtor to prepare, market, price, and advertise the home properly will get the most gains in income and satisfaction. 

Buyers who hire an experienced agent to do their due diligence and negotiate on their behalf will find out about homes coming on the market first and put in an attractive and strong offer that can’t be refused.

When you are ready to make your move, contact The Gamache Team. 

 

 

Tri-Valley Real Estate Market Update August 2022

by

The phrase, “What a difference a year makes” could not be more appropriate than in today’s Tri-Valley real estate market.

Last year at this time, homes in Livermore, Dublin, and Pleasanton, as well as the rest of the Bay Area, were selling within days of being on the market. Hordes of buyers competed for the limited inventory, some paying cash, others offering tens of thousands of dollars over asking price, and many waving contingencies.

Currently, the August 2022 Real Estate market update for the Tri-Valley reports more inventory and lower prices.

Home Prices Lower for the First Time in a Year

Overall, home sale prices dipped to record low prices for the second month in a row, even dipping below July 2021 prices.  While the Tri-Valley isn’t quite as indicative as the rest of the East Bay, we aren’t seeing the record pricing we did last year.

According to David Stark of Bay East, rising interest rates and concern that prices are still out of buyers’ reach are responsible for guiding these changes.  

Livermore Home Sale Reports

Livermore homes for sale have more than doubled since last year, with 67 homes for sale last July and 137 homes for sale this July, a change of 104%.

Livermore home prices remain fairly the same year-over-year, with July 2021 averaging $1,155,000 and July 2022 averaging $1,160,000.

Sales in Livermore are down from 116 last July to 74 this July, a decrease of 36%.

Pleasanton Home Sale Reports

Pleasanton is seeing a 115% increase in homes for sale from July 2021 to July 2022. Last year at this time, there were 40 homes for sale; homes for sale in July 2022 numbered 86.

The average home sales price in July 2021 was $1,685,000 compared to the average home sales price in July 2022, which was $1,705,000, a 1% difference.

Pleasanton home sales are down from last year. 98 home sales were reported in July 2021, but only 61 home sales were reported in July 22. This is a 38% drop in home sales in a year.

Dublin Home Sale Reports

The number of Dublin homes for sale from July 2021 compared to July 2022 is up by a staggering 192%. Last July, 26 Dublin homes were for sale compared with 76 homes for sale in July 2022.

Average home sale prices are down in Dublin by 1% year over year. July 2021’s average home sale price was $1,575,000 compared to $1,555,000 in July of 2022.

In keeping with the trend, Dublin home sales are down year over year, with a reported 68 homes for sale last July and 32 homes for sale in July 2022, a 53% drop.

(Source)

The Gamache Team is Your Tri-Valley Real Estate Team

With so much volatility in the stock market, interest rates rising, and home sales decreasing, it’s important to work with a real estate team you can trust.

For a more comprehensive look on your Tri-Valley real estate needs, contact The Gamache Team; we’ve been through all seasons of the real estate market and are equipped to guide you with your personal real estate goals.

Back To Top