Tri-Valley Market Update - What Happened in San Ramon, Dublin, Pleasanton & Danville
Tri-Valley Market Update - What Happened in San Ramon, Dublin, Pleasanton & Danville
As we are now 12 days into February 2024, it's time to look back at January 2024. Let's see what happened in San Ramon, Dublin, Pleasanton and Danville. Here's the Tri-Valley market update for January 2024 for these four cities. Keep in mind that the homes sold in January went into contract in November and December 2023.
Days on the Market
When you look at the numbers, one thing that stands out to me is the Average Days on the Market. I looked further into these numbers to see how the average days on the market changed. I compared January 2023 and December 2023 to January 2024.
San Ramon average days on the market increased the highest with homes taking 93.75% longer to find a buyer in January 24 compared to December 23. Danville days on the market actually decreased in January 24 compared to December 23. Both Dublin and Pleasanton increased their average number of days on the market in January 24 compared to December 23.
But when you compare January 2023 and January 2024 for both Dublin and Pleasanton, you'll find a significant gab between the two years. Dublin had 69 days on market and Pleasanton had 42 days on the market for January 2023. Dublin saw a 66% decrease in average days on the market from January 2023 to January 2024. When we started January 2023, the market was still struggling with the high interest rates and uncertainty which is reflective of the average number of days on the market.
Number of Homes Sold Increased
San Ramon saw an increase of 183% in the number of homes sold in January 24 compared to January 23. Dublin number of homes sold increased 100% in January 2024 and Danville increased 69%. Pleasanton saw a small increase of 10% in the number of homes sold in January 24 compared to January 23. We are seeing more sellers listing their homes for sale and with the lower rates, buyers are eagerly finding a home to purchase.
Outlook for Spring 2024
The outlook for the Spring 2024 market is predicted to be very strong! I expect the average days on the market to decrease in all Tri-Valley cities. Multiple Offers were very common in the Tri-Valley in January for our Buyers. Limited inventory increased the demand for homes and buyers are offering over list price to get a home. We will see this increase when we run the numbers for February and March. The lower rates are making homes more affordable for Buyers and they are motivated.
If you have been thinking about Selling your home, give me a call a (925) 415-0835. I can help you strategize on how to make your home look it's best and when you should put it on the market. The spring market will be making a strong comeback in 2024 for Sellers!
If you have been considering purchasing a home, get started NOW! Don't delay as prices are going to continue increasing and competition will drive buyers into multiple offers. February & March are the times to get in before the Spring market takes off.
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