Leave a Message

Thank you for your message. We will be in touch with you shortly.

May Market Update: East Bay

Steven Huang May 27, 2020

Real Estate

May Market Update: East Bay

Key Trends In Your Local Market

East Bay home prices rose in April compared to March. Even more surprisingly, home and condo prices fell only slightly statewide. California median home prices declined 1% according to the California Association of Realtors (CAR).

Typically, it is best to look at yearly comparisons for housing data because it removes seasonal variations. However, during the pandemic it is important to look at changes on a month-to-month basis. By this measure, Alameda’s single family home and condo prices actually saw significant gains. Contra Costa’s single family home prices remained unchanged while condos had a small dip.

May Housing Market Update for the East Bay

While the pandemic’s impact on the housing market progressed rapidly in March, the April housing market data illustrates a stable market, albeit at a new normal. The graph below illustrates the available housing inventory by week rather than by month (as is typical) to illustrate how the market has changed over a shorter timeline. We can see that inventory levels declined in March but have since climbed for six straight weeks as more homeowners become comfortable with listing their home. Meanwhile, a significant number of sellers have remained in the market, and this so-called floor might indicate that active listings have fallen as far as they will go.

Another sign that the housing market may already be turning around is the number of listings under contract. During the week of April 4th, listings under contract hit a low. Since then, listings under contract have almost tripled and are approaching the levels we saw in early March. This indicates that people are forging ahead, aided by technology.

As mentioned earlier, the East Bay’s housing market performed exceptionally well in April. Measured on a yearly basis, both Alameda and Contra Costa’s home prices finished higher than at this point last year. Although the pandemic and stay-at-home orders dampened buyer demand, the number of active listings also decreased, which buoyed prices. Appreciating prices typically signal a healthy demand for the available housing and encourage sellers to price their homes slightly above comparables.

The sale-to-list ratio reflects the change in the original list price of a home and the final sale price. For example, a ratio of 100% means that a home sold for the price at which it was most recently listed. In the East Bay, single-family homes almost always have higher sale-to-list ratios than condos. Sale-to-list price ratios remained strong in April with buyers making offers at just above list price to put a listing under contract. This is another indication that home prices are stable; sellers are not making any additional price concessions to sell.

Months supply of inventory measures how many months it would take for all current listings on the market (including listings under contract) to sell at the current rate of sales. In April, the inventory of single-family homes decreased but not nearly as much as the sales volume, which caused a large jump. Still, months supply in the East Bay was low even by California standards.

Sales volumes fell dramatically in the East Bay due to dampened demand and fewer available options on the market. Compared to last year, sales are down by a third.

Looking ahead to June, we anticipate more growth. We expect buyer demand to pick back up as fears of a steep price decline lessen. Look for more agents to leverage the latest technology to give buyers the ability to tour homes in compliance with state and local laws.

As we discussed in previous newsletters, the fundamentals of the housing market were strong before the global economy stalled, which we believe will help us all navigate this difficult time with as little consequence to the market as possible.

As always, we remain committed to helping our clients achieve their current or future real estate goals. Our team of experienced professionals would be happy to discuss the information we’ve shared in this newsletter. We welcome you to contact us with any questions about the current market or to request an evaluation of your home or condo.

Recent Blog Posts

Browse our blog posts to be in the know.

April '25 Deep Dive - North Bay

April '25 Deep Dive - East Bay

April '25 Deep Dive - Silicon Valley

April '25 Deep Dive - San Francisco

Living with the Roar

Navigating Airport & Freeway Noise in San Francisco

March '25 Market Deep Dive - North Bay

March '25 Market Deep Dive - Silicon Valley

March '25 Market Deep Dive - East Bay

March '25 Market Deep Dive - San Francisco

The Unique Weather of San Francisco

A Guide for Locals and Visitors

Your Spring Guide to Bay Area Farmers’ Markets

Full Guide to 79 different farmers’ markets in San Francisco and beyond.

Little Learners, Big Futures: The Best Preschools in San Francisco

Where Curiosity Meets Creativity – Top Early Learning Centers for Your Child’s Bright Beginning

February Market Deep Dive - North Bay

February Market Deep Dive - Silicon Valley

February Market Deep Dive - East Bay

February Market Deep Dive - San Francisco

Top-Rated Daycares Near San Francisco

A Parent’s Guide to Quality Childcare

Escape the City

Top Scenic Parks Near San Francisco for Nature Lovers

January 2025 Market Deep Dive - Silicon Valley

January 2025 Market Deep Dive - North Bay

January 2025 Market Deep Dive - East Bay

January 2025 Market Deep Dive - San Francisco

Exploring the Best Neighborhoods Near San Francisco

Discovering Your Perfect Bay Area Escape

Pedal Through Paradise

Top Biking Trails Near San Francisco

Navigating the Bay: Your Guide to Public Transit Adventures

Embrace the Ease of Travel Across the Bay Area

North Bay December '24 Real Estate Update Ascend RE

South Bay Peninsula December '24 Real Estate Update Ascend RE

East Bay December '24 Real Estate Update Ascend RE

San Francisco December '24 Real Estate Update Ascend RE

Bay Area Bliss

Unveiling the Best Amenities Near San Francisco

San Francisco November '24 Real Estate Update Ascend RE

East Bay November '24 Real Estate Update Ascend RE

South Bay Peninsula November '24 Real Estate Update Ascend RE

North Bay November '24 Real Estate Update Ascend RE

2024 Bay Area Holiday Schedule

Top Grocery Stores & Markets Near San Francisco

Your Guide to Fresh Finds and Specialty Foods in the Bay Area

North Bay October '24 Real Estate Update Ascend RE

South Bay Peninsula October '24 Real Estate Update Ascend RE

East Bay October '24 Real Estate Update Ascend RE

San Francisco October '24 Real Estate Update Ascend RE

Shaping the Future

A Creative Guide to the Top Schools Near San Francisco

14 Terrifying Bay Area Haunted Houses For The Bravest Among Us

From Ramen to Rice Paper

Discover the Best Asian Markets Near San Francisco

A Guide to the Best Mexican Eats

Top Taquerias Near San Francisco

San Francisco September '24 Real Estate Update Ascend RE

East Bay September '24 Real Estate Update Ascend RE

South Bay Peninsula September '24 Real Estate Update Ascend RE

North Bay September '24 Real Estate Update Ascend RE

Explore the Bay Area's Natural Beauty

Best Hiking Trails Near San Francisco

A Tail-Wagging Adventure

Top Dog Parks Near San Francisco

A Food Lover's Paradise

Top 10 Must-Try Restaurants Near San Francisco

Los Angeles August '24 Real Estate Update Ascend RE

San Francisco August '24 Real Estate Update Ascend RE

East Bay August '24 Real Estate Update Ascend RE

South Bay Peninsula August '24 Real Estate Update Ascend RE

North Bay August '24 Real Estate Update Ascend RE

North Bay July '24 Real Estate Update Ascend RE

San Francisco July '24 Real Estate Update Ascend RE

South Bay Peninsula July '24 Real Estate Update Ascend RE

East Bay July '24 Real Estate Update Ascend RE

Los Angeles July '24 Real Estate Update Ascend RE

Los Angeles June '24 Real Estate Update Ascend RE

San Francisco June '24 Real Estate Update Ascend RE

East Bay June '24 Real Estate Update Ascend RE

South Bay Peninsula June '24 Real Estate Update Ascend RE

North Bay June '24 Real Estate Update Ascend RE

San Francisco May '24 Real Estate Update Ascend RE

Los Angeles May '24 Real Estate Update Ascend RE

East Bay May '24 Real Estate Update Ascend RE

South Bay Peninsula May '24 Real Estate Update Ascend RE

North Bay May '24 Real Estate Update Ascend RE

Upholding Equality: The Significance of the Fair Housing Act

Bay Area: Spring and Summer Gardening Guide

North Bay April '24 Real Estate Update Ascend RE

South Bay Peninsula April '24 Real Estate Update Ascend RE

East Bay April '24 Real Estate Update Ascend RE

Los Angeles April '24 Real Estate Update Ascend RE

San Francisco April '24 Real Estate Update Ascend RE

South Bay Peninsula March '24 Real Estate Update Ascend RE

East Bay March '24 Real Estate Update Ascend RE

San Francisco March '24 Real Estate Update Ascend RE

Los Angeles March '24 Real Estate Update Ascend RE

North Bay March '24 Real Estate Update Ascend RE

Spring 2024 Farmer's Market Schedule

San Francisco February '24 Real Estate Update Ascend RE

Los Angeles February '24 Real Estate Update Ascend RE

North Bay February '24 Real Estate Update Ascend RE

South Bay Peninsula February '24 Real Estate Update Ascend RE

East Bay February '24 Real Estate Update Ascend RE

San Francisco January '24 Real Estate Update Ascend RE

Los Angeles January '24 Real Estate Update Ascend RE

North Bay January '24 Real Estate Update Ascend RE

South Bay Peninsula January '24 Real Estate Update Ascend RE

East Bay January '24 Real Estate Update Ascend RE

San Francisco December '23 Real Estate Update Ascend RE

East Bay December '23 Real Estate Update Ascend RE

North Bay December '23 Real Estate Update Ascend RE

South Bay / Silicon Valley December '23 Real Estate Update Ascend RE

Los Angeles December '23 Real Estate Update Ascend RE

2023 HOLIDAY COOKIE DECORATING SOCIAL

Let’s Talk

You’ve got questions and we can’t wait to answer them.