February Market Deep Dive - East Bay
Ascend RE February 20, 2025
Ascend RE February 20, 2025
Local Lowdown
Quick Take:
Pricing is remaining very strong in the East Bay, with single-family home median sale prices in January creeping up by 2.27% and 1.95% in ALameda and Contra Costa counties, respectively.
Despite relative strength in terms of median sale pricing, inventory levels continue to rise in both the single-family home market as well as the condo market.
We’re currently seeing a divergence in the number of days that homes are sitting on the market in Alameda and Contra Costa counties that might surprise you!
Median sale prices remain strong throughout the East Bay
Despite expectations of a slowdown, the East Bay housing market remained strong into 2024. In January, single-family home prices rose 2.27% in Alameda County and 1.95% in Contra Costa County. Condo prices held steady in Contra Costa with a 0.95% increase, while Alameda condos saw a 15.38% drop. Even as interest rates rose after fall cuts, median sale prices stayed resilient.
Inventories in the East Bay are starting to build
Inventory is rising in the East Bay, a key indicator of price trends. In January, single-family home listings increased 21.59%, with active listings up 26.39%. Condos saw a 26.42% rise in new listings and 38.24% more active listings. This could lead to great buying opportunities for condos soon. An interesting divergence in the number of days on market. This year, the gap in days on market between Alameda and Contra Costa Counties is larger than usual. Single-family homes in Contra Costa sit 26% longer, while Alameda condos take 65% more time to sell than those in Contra Costa.
The East Bay continues to be a sellers’ market
The Months of Supply Inventory (MSI) determines whether a market favors buyers or sellers. California's average MSI is around three months, marking a balanced market. Below three months indicates a sellers’ market, while above three favors buyers. Condos in Alameda (2.9 MSI) and Contra Costa (2.8 MSI) are near balance, but single-family homes remain strong sellers’ markets, with just 1.3 and 1.5 months of supply, respectively.
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