April Market Update

April 29, 2024

April Market Update

Inventories are increasing in all of the Tri-Valley cities, and I expect a relatively large increase over the next month. I have 8 new listings that will be coming on the market in the next 4-6 weeks, and I have had conversations with several agents who have similar numbers of new listings coming as well. Our inspectors are still very busy and booked out for one to two weeks instead of having open availability. Given our relatively low inventory levels, I don’t think the upcoming surge in listings will get us back to a healthy balance of available homes vs. buyers, but it should help.

Rates have been volatile and are above 7% again. Despite the high rates, buyers have been resilient and demand remains strong across all price ranges. We see the most activity in homes under $2M, with many receiving multiple offers exceeding the asking price. If rates continue to climb, it could have a dampening effect like we saw in late 2023 when the rate hit the 8% level. Last week’s weaker than expected GDP numbers, which would normally cause an improvement in rates, was offset by the hotter than expected inflation numbers, so rates held at their high level.

Our current inventory levels are significantly higher than April of 2023, as shown below:

City                          Today           April 2023

Pleasanton :            69                    43

Dublin:                      44                    33

Livermore:               84                    39

San Ramon:            63                    43

Danville:                  103                   70

Alamo:                     44                     29

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