Last month I shared my thoughts the popular media headlines about the Mass Exodus from California. In that video I said that I think the mass exodus is more of a media created hype than a reality, which honestly didn’t make me the most popular person, but I continue to stand by what I said because the data does not support the media narrative. And it looks like experts in the field, like chief economist at Zillow, Jeff Tucker, agrees with me.
In an article dated July 16, 2021, Jeff Tucker had this to say: “It’s a myth that millions of people are moving away and that overall demand is plummeting,” “It’s more of a rearrangement of demand in the region that is reflective of broader forces affecting the U.S. housing market.” The article went on to say demand for housing in the suburbs is increasing and driving up prices as people move to areas where they can get that extra bedroom they need to create home office space.
So, let’s take a look at the data and see how the Livermore and Pleasanton real estate market did for June 2021.
Looking at the data for detached single family homes in Livermore in for June 2021:
Supply is down from last month to .4 months of inventory. One year ago, June 2020 we have a supply more than double at .9. We saw an average days on market of 11 days last month., compared to 22 days a year ago. The Median sale price for June 2021 was $1,145,500. One year ago in June 2020 the Median sale price was $875k!
Wow, More than a $270K increase in median sale price in 12 months.
Let’s take a look at the data for Pleasanton. Supply in Pleasanton remained at .4 months of supply for June, but it’s a dramatic decline from June 2020 when inventory supply was at 1.5 months. Pleasanton had an increase on the average days on market to 16 days compared to 12 days in May. The median sale price for a single family detached home in Pleasanton for June 2021 was $1,635,750 which is down slightly from May 2021, but still much higher compared to a year ago when the Median sale price was $1,249,000.
So what do you think?
I’m Maria D’Aura, your bay area real estate agent. If you’re thinking of buying or selling your bay area home I’m here to help.… give me a call, shoot me a text or send me an email.