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.
