Go figure, sellers are getting bidding wars in the Tri-Valley area!
What’s going on with the Tri-Valley, California real estate market in April 2023? April’s real estate market reveals many sellers in the Tri-Valley area have been experiencing bidding wars for their property!
Let’s dive in, because what’s happening right now is probably NOT what you expect!
Join me as we dig into what exactly the real estate market looks like right now in the Tri-Valley area and what we can expect moving forward.
Bidding wars in the Tri-Valley Area
I’m going to begin with looking at the Tri-Valley as a whole.
Looking at the chart above, it shows active inventory when compared to pending and sold comps are down.
We also saw this in the first quarter. Since the beginning of last December, sales volume has been flat.
Deep dive into each Tri-Valley city
We’re now going to take a deep dive on each city breaking down and comparing the activity above and below the median list price.
Median sale list price: The median is a numeric value that separates the high half of a set from the lower half.
Pleasanton, CA
If we look at my hometown in Pleasanton, there were 30 comps sold in total.
Pleasanton’s median list price was approximately $1,699,000.
Or in the scheme of 30 properties, it was right in the middle at number 15.
We’re now going to look at all the sold properties below that median price point.
Sold properties below the median price point:
- 3 properties sold below the list price
- 10 properties sold above the list price
- 1 sold at the list price
Sold properties above the median price point:
- 3 properties sold below the list price
- 6 properties sold above the list price
- 6 properties sold at the list price
When we look at the average buyers paid over the list price, below the median price point, buyers paid on average $115,636 over the list price.
Above the median price point, buyers paid on average $117,054 over the list price.
As I share the rest of the remaining 5 cities in my Tri-Valley April market report, I’m going to cut to the chase by just giving you the totals above and below the median list price.
Livermore, CA
In Livermore, they had 59 properties sold in April
Below the median price point, buyers paid on average $85,000 over the list price
Above the median price point, buyers paid on average $67,065 over the list price.
Dublin, CA
In Dublin, they had 30 sold properties in April.
Below the median price point, buyers paid on average $100,436 over the list price.
Above the median price point, buyers paid on average $198,461 over the list price.
San Ramon, CA
In San Ramon, they had 46 sold properties in April.
Looking at sold properties below the median price point, below the median price point, buyers paid on average $121,765 over the list price.
Above the median price point, buyers paid on average $118,716 over the list price.
Danville, CA
In Danville, they had 36 sold properties in April.
Looking at properties sold below the median price point, below the median price point, buyers paid on average $49,875 over the list price.
Above the median price point, buyers paid on average $122,083 over the list price.
Alamo, CA
Now, I’ve always said that Alamo sort of stands alone being so unique. One, it’s the smallest city in the Tri-Valley area, and it’s the most expensive cost of living when you look at housing, so let’s look at these numbers and see how they compare to the rest of the cities in the Tri-Valley area.
In Alamo, they had 17 sold properties in April.
Below the median price point, buyers paid on average $121,000 over the list price.
Above the median price point, buyers paid on average $85,000 over the list price.
Alamo: Total List Price vs Sold
Keep in mind, buyers did pay over asking on several properties in Alamo.
What to know
However, if we looked at the total difference between list to sold price, buyers paid $675,807 less than the list price. Again, Alamo is quite unique and apparently some properties were priced a bit too aggressive resulting in the buyers negotiating and paying less.
Bidding Wars in the Tri-Valley Area – What to know!
Real Estate is Hyper Local
It is important to understand real estate is hyper local. It is crucial to know what is going on in your particular area so that you can put your best foot forward when you are either selling or purchasing a home.
Don’t “Buy Into” The Hype!
Be aware of the real estate ‘crash’ channels on YouTube. They only talk about specific areas and cities in the united states that are experiencing home values plummeting since the rise in mortgage interest rates. They make it sound as if all homeowners/sellers are aggressively dropping their price to sell their homes. Clearly this is not the case here in the Tri-Valley.
Bidding Wars in the Tri-Valley area – What’s the bottom line?
Well, clearly Tri-Valley area’s inventory is still record low, and buyers are willing to pay more on many of the properties.
Listing your home in 2023
If you’re thinking about listing your home this year, make sure a real estate agent performs a though Comparative Market Analysis on your home.
A comparative market analysis (CMA) is an estimate of a home’s price used to help sellers set listing prices and help buyers make competitive offers.
California Association of Realtors
This way you will have a good understanding of what price (or range) to list your your home to generate buyer activity. Hopefully, you will receive multiple offers resulting in selling your home over the the asking price!
If you would like a detailed CMA on your home, please reach out to me.(Warren)
Buying a home in 2023
Comprehension of the comps also goes for buyers. If you are planning to purchase a home this year, it is important to know where your competition is at. This way you should have a good understanding of where your purchase price should be at in order to get your offer accepted by the seller.
If you would like to discuss your purchase plans, please reach out to me. (Warren)
🏚️Get Warren’s Top Tri-Valley Homes under $$$ (Includes condos, Townhomes and single family) 🏠
- 🏡PLEASANTON ($1.4M)
- 🏡LIVERMORE ($800,000)
- 🏡DUBLIN ($1.2)
- 🏡SAN RAMON ($1.3)
- 🏡DANVILLE($1.4)
- 🏡ALAMO ($2M)
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Hello…I work with both buyers and sellers in the Northern California area.
My real estate spans from the East Bay (Tri-Valley) to the Greater Sacramento areas.
If you would like to know more about the Tri-Valley area, please read: “Everything you need to know about the Tri-Valley area”
To better understand what each city has to offer, I have created a Pros and Cons videos and articles for each Tri-Valley Area:
If you are thinking about purchasing or selling a home, please reach out to me by text, phone, or email. If it is convenient, I can schedule a Zoom chat so we can discuss your home goals. Wishing you all the best on your home journey. Cheers!
eXp Realty
(925) 980-4603
DRE # 01861944
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