Tri-Valley Sees Spike In Number Of Homes For Sale

TRI-VALLEY, CA — There were more homes for sale in the East Bay during the first half of 2019 compared with the same period last year, which helped drive down prices, according to a report from the Bay East Association of Realtors.

In the Tri-Valley, the number of homes for sale increased 50 percent during the first half of 2019, but sales prices dropped 3 percent to a median of $1,200,000, the association reported. Given that more Tri-Valley homes were listed for sale this year, the number of days a home sat on the market increased 40 percent to an average of 30 days; homes sold were down 8 percent, according to the association.

When looking at the East Bay as a whole, the number of homes for sale during the first half of 2019 increased 41 percent compared with the first six months of 2018. The increased inventory in 2019 resulted in sales prices dropping as much as 10 percent in some communities — for example, along the I-880 corridor, the association reported.

Across the East Bay, buyers didn’t rush into the market. Homes were listed for sale an average of 30 days for the first half of 2019 versus 22 days during the same period in 2018. Sales activity also slumped 5 percent compared with the same period last year, the association found.