An Overview of market activity in Danville, Dublin, Livermore, Pleasanton and San Ramon areas of San Francisco Bay Area.
Some of us have been thinking and or staying on the sidelines to
sell or purchase a home. We have been doing this for number of years and will
probably continue to do that for some time to come! For others, I offer
some analysis of what has been happening in the residential real estate market
(detached homes) in San Francisco Bay areas of Danville, Dublin, Livermore,
Pleasanton and San Ramon.
Here is a chart showing the median price data since 2011.
This data is from local mls and compares the median price of single
family detached homes. Please note that data for 2014 is from January 01,
2014 to June 30, 2014.
It’s interesting to see how home prices in San Ramon and
Pleasanton are running so close. Danville takes the lead in homes with the
highest prices and Livermore takes the lead in lowest prices in this area of
What does this mean for first time home buyer, move up folks,
investor or anyone looking to make a move or folks waiting on the sideline
thinking that they missed the boat again? Let’s take a look at the price
fluctuation year by year and see where we are heading.
Let’s take a look at the year to year percent increase/decrease
in the median price data for homes in these areas. Taking the base year
of 2011, we saw an increase of (5%) or less in the median price with Livermore
homes being at the highest in 2012.
In 2013, median prices increased to (13%) from 2012 on Danville
homes to as high as (25%) on Livermore homes. Dublin homes were at second
highest increase around (22%), San Ramon came in around (17%) and Pleasanton
around (15%). This was the year we saw multiple offers on homes with a
range of $20k to $75k above the asking price. In some cases buyers were
offering $100k plus to make sure that they get their dream home or any home!
Looking at 2014 data on the same chart above, the median prices
showed an increase of about (10%) in Danville and Dublin areas with Livermore
homes around (13%). Pleasanton saw an increase around (6%) and San Ramon around
(8%) when compared with 2013 figures. This data suggest that the prices
are stabilizing along with a sizable decrease in multiple offers. The
homes are staying longer on market and sellers are facing the prospect of
settling for less than the asking price!
Now the question, what will happen next? Will the market
continue to stabilize with home prices staying stable, increase back up or will
go down and by how much?
I wish I can tell you exactly what is going to happen. However,
based on this data and given all other factors remain the same, one can
continue to see the same pattern as the summer season ends and people get ready
for the holiday season. My advice would be to evaluate your unique
situation, consult with your family and friends, your tax adviser, mortgage
consultant, real estate agent and anyone else you can think will help.
Then, just do what will be best for you!