East Bay housing: the supply keeps shrinking — and prices rise yet again

For a primer on what’s happening in Bay Area real estate, take a look at the East Bay.

For that matter, take a look at Fremont, where listings for single-family homes fell 43 percent in September year-over-year, while sales dropped 7 percent and the median price rose 13 percent to $1,072,000. Fremont is one of a dozen East Bay cities where the median price tops $1 million.

All of this is according to the latest survey by the Bay East Association of Realtors, which looked at more than 30 East Bay communities. Typically, the pattern that emerges across the region is similar to Fremont’s: The housing supply is down, sales are down and prices are up.

There are exceptions. In Oakland, listings dropped 11 percent year-over-year in September, while sales also fell 11 percent. Yet the median price dropped, as well — by 11 percent to $687,500.

Brentwood, in the Delta region of eastern Contra Costa County, also defied the general trend. There listings rose 3 percent, while sales rose 17 percent and the median sales price increased 7 percent to $537,000.

Still, generally speaking, East Bay communities reflected what is now a Bay Area, statewide and national trend in residential real estate: The housing supply is shrinking and consumer demand is pushing prices up.

Homes are selling quickly, too — on average, in 22 days along the 880 Corridor: “Even in the face of historically high sales prices and limited inventory, homes continue to sell at a rapid pace,” said David Stark, a spokesperson for the realtors’ association.

A few more examples from around the East Bay:

— In Richmond (in West Contra Costa County), listings fell 24 percent year-over-year in September, while sales increased 16 percent and the median price rose 8 percent to $486,500.

— In Lafayette (in Lamorinda), listings plunged 26 percent, sales fell 33 percent and the median price rose 15 percent to $1,567,500.

— In Central Contra Costa County, Concord followed the general trend: listings down 38 percent, sales down 8 percent and median price up 7 percent to $599,000. Likewise in Walnut Creek, listings dropped 23 percent, sales were flat and the median rose 17 percent to $1,177,500.

— In the Tri-Valley area, Danville listings slipped 22 percent, sales dropped 2 percent and prices rose 8 percent to $1,320,000. In Pleasanton, listings fell 25 percent, sales were down 10 percent and the median rose 20 percent to $1,160,000.

You can look over the survey — and see all the numbers — right here.

Photo: A house for sale in Pleasanton, in the East Bay. (Courtesy Redfin)

 

 

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