Is Housing Back in the East Bay?

Upward Pressure on Home Prices in Danville, San Ramon & Dublin CA Continues

The future of the U.S. real estate market in 2013 is brightApril’s edition of Money Magazine had an article titled – Look What’s Back! Real Estate 2013. The article noted:

  • In the last year, home prices increased in 92 of the country’s 100 largest metropolitan areas
  • Homes are more affordable than they’ve been in 40 years
  • The number of houses for sale is at the lowest level in a decade
  • Price increases are projected for most of the country this year

East Bay cities like Danville, San Ramon and Dublin are some of the hot markets. Low inventory and high demand are pushing home prices up at a rate above the national average – a historical trend for our real estate markets.

Forbes Magazine reports: Boosted by Ben Bernanke and turbocharged by tight inventories and strong recoveries in the worst hit cities, home prices continue to grow strongly.  The widely followed Case-Shiller indexes showed the price of single-family homes across 20 of the most important U.S. cities grew 9.3% in February, its fastest rate since May of 2006 before the collapse of the housing bubble and subsequent financial crisis.

And Money says:

  • Mortgage rates dropped again this week, with the 15-year fixed-rate loan hitting a record low, according to a report from mortgage financier Freddie Mac.
  • The housing rebound has given new life to an old, but little-known sales practice called “pocket listings,” where agents reserve homes for serious buyers only.
  • The housing recovery has been driven by a number of factors, including near record-low mortgage rates, a drop in foreclosures and reduced unemployment, all of which have helped lift both new-home sales as well as sales of previously owned homes.

What do the local real estate markets look like in Dublin, Danville and San Ramon CA?

Dublin, CA

  • Active Listings = 34 (1 Potential Short Sale, 0 REOs)
  • Pending Sales = 3
  • Sold in last 60 days = 134 (19 Short Sales, 2 REOs) – Sellers, on average, received 104% of their asking price.

Danville, CA

  • Active Listings = 86 (2 Potential Short Sale, 0 REOs)
  • Pending Sales = 153
  • Sold in last 60 days = 176 (13 Short Sales, 4 REOs) – Sellers, on average, received 101% of their asking price.

San Ramon, CA

  • Active Listings = 56 (2 Potential Short Sale, 2 REOs)
  • Pending Sales = 167
  • Sold in last 60 days = 213 (21 Short Sales, 5 REOs) – Sellers, on average, received 103% of their asking price.

As we enter the prime home selling months in Dublin, Danville and San Ramon, we find the local real estate markets poised to make some of their strongest gains in home values in 8 years. For homeowners thinking of selling, it’s time to have a serious discussion with a professional Realtor to explore how the current market dynamics might affect your situation.

For homebuyers who have been waiting for the best “bottom of the market” pricing deals – that opportunity has been missed. Today’s opportunity is about getting the home you want at a good price before home prices jump 8% to 10%.

Email Craig if you would like to know more about buying or selling a home or condo in Danville, Dublin or San Ramon CA (925) 984-4910


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