The shelter in place order issued in mid-March in response to the COVID-19 crisis had an immediate effect on East Bay real estate markets.
Comparing the first half of March with the second half, the number of homes temporarily withdrawn from the Multiple Listing Service throughout the East Bay increased from 46 to 275 while cancelled listings rose from 63 to 153.
Sales prices for all of March increased in many East Bay communities showing that home ownership was still desirable and buyers were competing for fewer units – all before the mid-March shelter in place order, which quickly limited real estate activities.
Home sales throughout the region during the next month and, possibly beyond, will take a hit as the number of home sales that were pending in March plummeted. Along the 880 corridor, pending sales dropped 45 percent compared with last March. In West Contra Costa county, pending sales were down 43 percent, Lamorinda 45 percent, Central Contra Costa 31 percent, Tri-Valley 47 percent and down 33 percent in the Delta. The drop in pending sales during March, along with anticipated challenges buyers will experience securing purchase financing, indicates far fewer homes will sell during April.
In the Tri-Valley, on average, homes for sale were down 48 percent compared with last March. Dublin had 28 homes for sale, Livermore 58, Pleasanton 49. In San Ramon, inventory was down 50 percent with 37 homes for sale. Sales prices in Danville increased 8 percent to $1.4 million. In San Ramon prices up 6 percent to $1.2 million. There were minor price increases in Dublin and Livermore while prices in Pleasanton dropped 2 percent. Sales activity was mixed in the Tri-Valley. Home sales increased 40 percent in Danville with 63 homes sold. In San Ramon, sales were up 20 percent with 61 sold. Sales dropped in Dublin, Livermore and Pleasanton.