July Tri-Valley Market Update

Inventories peaked across most Tri-Valley cities in late May or early June, with most cities seeing a slight decrease since then. Pleasanton, for example, peaked at about 130 active homes in early June and is now hovering around 100 homes. I expect the current levels to remain stable throughout August and September before a slow decrease beginning in early fall.

Market activity has slowed dramatically in recent weeks, which is common for this time of year. Most open houses have been very slow, and private showings have also dropped significantly. This has resulted in extended marketing times for many homes, price reductions, and fewer offers. However, some homes are still selling quickly and receiving multiple offers. These homes are typically highly updated with modern finishes, in turnkey condition, and priced aggressively.

Many in the financial markets are expecting a September rate cut due to some signs of weakness in the economy and recent comments from the FED. If the rate cuts materialize and positively affect mortgage rates, it should entice a fair number of buyers to re-enter the market. A lot can happen between now and September, so I am not counting on the cuts to happen, but I am keeping my fingers crossed.

Our current inventory levels are shown below:

City                          Today 

Pleasanton :          102                  

Dublin:                     65

Livermore:             115

San Ramon:          116

Danville:                108

Alamo:                    45