April Market Update

If I had to sum up the current real estate climate in one word, it would be “sluggish.” Compared to the brisk pace we saw from January through early March—when inventory was tighter and competitively priced homes were moving quickly—the market has definitely cooled.

Housing supply has been steadily increasing throughout the Tri-Valley area, with some cities seeing especially sharp growth. San Ramon, for instance, has added 47 more homes to its active listings since my last update on March 19—a jump of over 50%. As more homes come onto the market, we’re also seeing longer days on market. Right now, the average home in the Tri-Valley stays active for about 33 days, a noticeable uptick from what I estimate was under 20 days earlier this year.

In the weeks ahead, I have several new listings preparing to launch, and many of my colleagues are in the same boat. Inspectors, stagers, and other service providers are staying booked solid, which suggests a strong wave of new inventory is coming as we move further into spring.

That said, buyer interest remains high. Open house traffic has been strong, and it’s clear that many people are actively house hunting. Still, we’re noticing a reluctance to pull the trigger. A recent listing I had in Pleasanton brought in over 80 groups in one weekend, and while many expressed interest and asked about the offer timeline, we ended up receiving just a single offer. This isn’t an isolated case—similar situations are happening across the board.

My sense is that recent stock market turbulence and uncertainty around the new administration have buyers feeling uneasy. The substantial market drop over the last two days probably won’t help boost confidence. However, there may be a silver lining: interest rates are likely to decline. The 10-year Treasury yield, which heavily influences mortgage rates, has now dropped to its lowest level since last October. I expect mortgage rates to follow suit, which could encourage some hesitant buyers to re-engage.

Looking forward, I think we’ll continue to see financial market fluctuations as investors wait to understand the true impact of new tariff policies. Still, I’m cautiously optimistic that the effects won’t be as severe as some anticipate and that both the stock and real estate markets will regain their footing soon.