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Single-family home prices softened slightly in both counties, while the condo market remains split with Alameda declining and Contra Costa rebounding.
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Inventory levels remain more than 25% below last year for single-family homes, keeping the market exceptionally tight.
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Single-family homes continue to sell at a rapid pace, with listings moving in under two weeks across both counties.
Single-family prices soften as the spring market matures
After several months of relative stability, single-family home prices in the East Bay showed some softening in April. In Alameda County, the median single-family home sold for $1,317,080, representing a 2.44% decline on a year-over-year basis. Contra Costa County saw a similar trend, with the median single-family home selling for $860,000, down 1.71% compared to last year. The condo market continues to present a mixed picture. Alameda County condos declined by 10.38% year-over-year, with the median condo selling for $582,500. However, Contra Costa County condos bucked the trend, rising 9.44% to a median sale price of $492,500. This volatility in the condo market has been a recurring theme, as the smaller number of transactions can lead to significant month-to-month swings.
Inventory remains exceptionally tight despite the spring rush
Even as we move deeper into the spring selling season, inventory levels in the East Bay remain well below where they were a year ago. Single-family home inventory stood at just 2,480 units in April, representing a 25.23% decline on a year-over-year basis. This is a remarkable figure, especially considering this is typically one of the busiest times of year for new listings. The condo market saw a similar trend, with inventory down 14.82% year-over-year to 937 units. This persistent lack of inventory continues to support pricing in the single-family market, even as we see modest year-over-year declines.
Single-family homes continue to move at last year's pace
Single-family homes are selling quickly across the East Bay, with both counties seeing the average listing move in just 13 days. These figures are unchanged from where they were a year ago, signaling that buyer demand remains robust despite the slight softening in prices. The condo market is moving a bit more slowly, with the average condo in Alameda County spending 24 days on the market and Contra Costa County condos spending 21 days. While condos are taking longer to sell than single-family homes, they're still moving at a reasonable pace, suggesting that there's still healthy demand at the right price points.
Single-family homes remain a seller's market while condos favor buyers
When determining whether a market is a buyers' market or a sellers' market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a seller's market, whereas markets with more than three months of MSI are considered buyers' markets.
The divergence between single-family homes and condos continues to be the defining feature of the East Bay market. The single-family home market remains a strong seller's market, with just 1.8 months of inventory in Alameda County and 2.1 months in Contra Costa County. These figures represent year-over-year declines of 28.00% and 25.00%, respectively, indicating that competition among buyers remains fierce. The condo market, on the other hand, has firmly established itself as a buyer's market. Alameda County ended April with 4.3 months of condo inventory, while Contra Costa County had 4.1 months. This gives condo buyers significantly more leverage in negotiations and explains why we continue to see year-over-year price declines in the Alameda County condo market.
