No one knew what would happen to the real estate market when shelter in place took effect in March. Many expected a crash, however the real estate market has greatly exceeded expectations. Homes in the Tri-Valley continue to sell with multiple offers, prices are up in most markets in the Tri-Valley, pending sales are up, while the number of homes for sale is down significantly, the comparisons from June 2019 to June 2020 a good sign for home sellers. With high tech (along with low interest rates) leading the way, the Bay Area is an economic “island” compared to many parts of the country, and astonishing numbers of people can afford seven figure homes, despite the overall economic impacts of COVID-19.
The most important of the three charts is the Homes for Sale chart. Continued low inventory in the Tri-Valley will mean higher prices and continued bidding wars on many homes.
If you would like a current snapshot on the value of your home, call me at (707) 845-2541 for a free consultation and current market evaluation.