Diablo Valley Market Report

July 2024
Diablo Valley - July 2024 Market Report

Living in the heart of Diablo Valley, especially in our beloved Danville, it's easy to see why people are drawn to this vibrant community. This past quarter, our real estate market has been bustling with activity. The median house sales price in Q2 2024 rose by an impressive 11% from Q2 2023, while condo prices held steady. We've seen a significant increase in new listings, up 27% year-over-year, and a whopping 76% rise in homes for sale as of July 1st. This influx of inventory might cool things down a bit eventually, but for now, the market remains lively. Home sales are up by 4.5% compared to last year, and high-end homes priced over $3 million saw a notable 17% jump in sales, thanks in part to the rebound in financial markets. On average, homes closed for 2% above their list price, and the average days on the market hit a two-year low. However, we've also noticed more price reductions, indicating some sellers are adjusting their expectations. As of early July, mortgage rates are hovering around 7%, and while we're hopeful for a rate cut from the Fed later this year, the stock market continues its remarkable rise. Homeowner's insurance remains a challenge, becoming both harder to find and more expensive. Lastly, the latest Census estimates show our Bay Area community is aging, with fewer children and more residents aged 65 and older.

If you're considering buying or selling a home in this dynamic market, don't hesitate to reach out. We're here to help you navigate every step of the way and find your perfect place in the Diablo Valley.

Report created in good faith with data from sources deemed reliable, but may contain errors and subject to revision. Last period figures may change with late-reported activity. All numbers approximate. Mortgage interest rates vary according to the property, price, borrower and lender. Economic conditions can be subject to significant volatility, even over the short term.

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Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multi­county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.

Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.