July 2017 East Bay Real Estate Weather Report
Welcome to a special edition of the East Bay Real Estate Weather report!
Take a look at real estate activities during the first 6 months of 2017 and compare that with the same period from 2016. This longer term perspective will reveal some distinct similarities and differences between our east bay communities and shed some light on where the real estate markets are headed.
In the Tri-Valley – Even with new construction in San Ramon and Dublin, the supply of homes for sale during the first 6 months of 2017 dropped 12% compared to 2016. But sales activity increased 10%, as for sales prices they were up an average of 6%.
What can the first 6 months of 2017 teach us about our local markets? A few lessons: First while inventory at the regional levels may continue to drop, there are more homes on the market in some communities. Next, sales activity is strong virtually every home that hits the market sells and it sells quickly. Sales prices – no surprise. Prices continue to rise throughout the East Bay. But the year to year percentage increase is beginning to moderate in some areas. Finally, our local real estate markets are working! Yes there’s limited supply, yes prices are high, but homes are selling. As long as interest rates stay reasonable and the bay area economy continues to remain strong, we can anticipate similar sales and price conditions for the remainder of 2017.
If you need more information about your local real estate market, give us a call (925) 415-0835 or email Rama@RamaMehra.com.