Market Report: More Record-Breaking Sales Prices in August

*This 5-bedroom Concord home at 850 Ridge Dr. was listed at $2.3M and found a buyer just five days after hitting the market. Listed by Abio agent Julie Sullivan.*

Is the East Bay market back to “normal”?

The Wall Street Journal reported recently that the housing downturn may soon be over nationally. And we’re already seeing strong evidence of that locally.

East Bay home sales, which took a hard hit when interest rates began rising about a year ago, have leveled up and even broken records, according to our review of summer sales data.

We previously told you about some record-breaking sales in July. Now, check out the cities that scored all-time high median sales prices for detached single-family homes in August:

(The following numbers represent year-over-year median sales prices for August)

Alamo

2023 $2,450,000
2022 $2,220,000
2021 $2,410,000
2020 $1,875,000

Danville

2023 $2,010,000
2022 $ 2,000,000
2021 $1,875,000
2020 $1,492,500

Albany

2023 $1,676,500
2022 $1,525,000
2021 $1,605,000
2020 $1,185,000

Pleasant Hill

2023 $1,340,000
2022 $1,140,000
2021 $1,032,500
2020 $903,000

Clayton

2023 $1,120,000
2022 $1,024,950
2021 $990,000
2020 $980,000

Martinez

2023 $872,500
2022 $760,000
2021 $810,000
2020 $747,500

Concord

2023 $818,000
2022 $801,000
2021 $800,600
2020 $720,000

El Sobrante

2023 $740,000
2022 $677,500
2021 $737,500
2020 $667,500

The main factor behind the recovery is scarcity. With historically low inventory, our East Bay market doesn’t have enough homes for sale to satiate the masses of hungry buyers. Scarcity leads us right back to bidding wars and speedy sales.