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.
Pleasanton Homes Sold an Average of $30,000 Over List Price in 2023
Single Family Detached Homes in Pleasanton – Sold an Average of $30,000 Over List Price in 2023 One of my favorite things to do in January is to take a look back at the sales market for the prior year. I keep track of the numbers monthly and then gather the final numbers for that year in January. As you look at all the months of the year together, you’ll find an interesting story of what truly happened that year. Pleasanton has its own unique story, which is different than what happened in San Ramon, Dublin or Danville. While Pleasanton home sales did not exceed the Average Sold Price from 2022, the real estate market remained stable in Pleasanton! There was only a 4.45% decrease in value from 2022 ($2,057,492) to 2023 ($1,963,725). However, Pleasanton saw a 5.20% increase in home values in 2023 when compared to the home sales in 2021. 8 Months in 2023 Homes Sold Over List Price There was no major drop in home values overall in Pleasanton, like the experts were predicting. In fact, Pleasanton ended the year with the Average Sold Price selling $30,000 over the Average List Price. There were only 4 months in 2023 where the Average Sold Price was less than the Average List Price. Limited inventory of homes for sale was prevalent in Pleasanton. There were only 394 homes sold during 2023, compared to 533 in 2022 and 860 in 2021. Pleasanton homes were on the market for an average of 15 days which was 2 days faster than homes in 2022 (average 17 days on market). How Much Have Home Values Risen in Pleasanton? What’s interesting for Pleasanton that if you purchased a home in 2013, the Average Sold Price was $1,058,643. In 2020 the Average Sold Price in Pleasanton was $1,486,833 which was an increase of 40.45% in 7 years. But in 3 years, Pleasanton homes increased 32.07% from 2020 to 2023. Pleasanton homes increase an average of 85.49% in value from 2013 to 2023. One interesting thing to note is that Pleasanton saw less of an increase in value than other cities nearby for the same 11-year span. San Ramon saw an increase of 109.74%, Dublin saw an increase of 107.828%, and Danville saw an increase of 92.23%. One factors as to why the values didn’t increase in Pleasanton compared is that San Ramon and Dublin is that those cities didn’t have homes in the million-dollar price range until 2015 & 2016. Pleasanton was already averaging in the million-dollar price range in 2013. 2024 Outlook in Pleasanton, CA What do I think will happen in Pleasanton in 2024? I think Pleasanton will go back to the two-million-dollar price range for Average Home Sales by the end of the year. There is still a strong demand for Pleasanton houses due to location, schools, amenities and proximity to employment centers. I believe the market will be strong from January to October and then hit the seasonal slow down in November and December due to the holidays and election year. What Should Home Buyers or Sellers Do in 2024? If you are a buyer looking for a home in Pleasanton, it’s time to start looking! Home values are not decreasing. You will see a steady increase monthly in homes being Sold over the List Price. So, it’s idea to get into your Pleasanton home early. As interest rates are predicted to decrease, the competition will increase for homes. If you can afford to purchase a home now, you can refinance when rates lower. If you are considering Seller your Pleasanton home in 2024, it’s time to figure out your market strategy! When would be the best month to put your home on the market? Pleasanton saw the highest number of home sales from May to September. I’m always keeping track of the numbers in Pleasanton. Give me a call or send me a message to discuss your home strategy for 2024! If you are curious about what happened in San Ramon, Dublin or Danville, please click on the city to read my blogs about their homes sales in 2023.
Danville Home Sales - Under List Price in 2023?
Single Family Detached Homes in Danville – Surprising 8 Months of Home Sales Under List Price in 2023 If you were looking for a city that consistently had homes selling under List Price in 2023, Danville was that city! The Average Sold Price for single-family homes in Danville had 8 months that were lower than the Average List Price in 2023. When comparing San Ramon, Pleasanton, Dublin and Danville, Danville is the only city in 2023 to end the year with the Average Sold Price less than the Average List Price. Danville had an Average Sold Price of $2,202,151 in 2023, the year ended at 7.42% less than 2022’s Average Sold Price ($2,378,617). Longer Days on the Market If you sold a home in Danville, you probably felt like it was taking a long time to find a Buyer. In 2023, it took an average of 20 days to find a Buyer compared to 17 days in 2022 and 12 days in 2021. In fact, 2020 and 2023 had the same average number of days on the market. San Ramon & Pleasanton homes sold 5 days faster than Danville homes. Seller had to be patient in Danville to sell their homes in 2023. Lower # of Homes for Sale Low inventory was the main story throughout cities in Contra Costa & Alameda County in 2023. Danville ended with 476 homes sold in 2023. It was a 17.79% decrease in the number of homes sold in 2022 (579 homes sold). And it was a 51.5% decrease in the number of homes sold in 2021 (982 homes sold). Homeowners were definitely staying put in Danville in 2023. There were just not a lot of homes for sale, but the homes that were listed for sale, tended to be over-priced which is why Danville ended up having 8 months of home sales under list price. Outlook for Danville in 2024 Danville’s Average Sold Price has consistently been above the 2 million price range since 2021. I don’t see it going below 2 million, but I do expect for home buyers to continue to negotiate for home sales under list price. During the last 11 years, there were only 3 years (2022/2021/2020) where the Average Sold Price was higher than the Average List Price. I believe that low inventory will continue through 2024 and the market will continue to remain stable. The average days on the market will continue to remain at 2-3 weeks before finding a buyer as homes tend to be a bit over-priced when they are listed. If you are considering purchase a home in Danville, I think because of the election year, the fall/winter of 2024 will be a good time to take advantage of the slower market and purchase a home under list price. Wondering What To Do? The good news is that Danville homes have continued to increase in value! If you purchased a home in 2013, home values have risen 98.23% in value. The average home sales price in 2013 was $1,110,914. If you are considering Selling your Danville home in 2024, the best time to go on the market based upon what happened in 2023, would be February/March through May. Give me a call or send me a message and let’s strategize about how to get you the highest price for your home. P.S. Want to see what happened in San Ramon or Dublin in 2023? Read my blog posts for San Ramon and Dublin. You might be suprised how those cities did in 2023!
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