A significant minority of buyers are paying all-cash. Open houses are seeing increased traffic, more listings are selling, and selling more quickly with multiple offers. Median sales prices have generally ticked up in 2023, though still down across the Bay Area from the market peak seen last spring.
Read → May 09, 2023Looking at the overall Bay Area, buyer demand has continued to rebound from its late 2022 nadir. Though mortgage applications are still well down year over year, many buyers have accepted higher interest rates as the new normal and decided to move forward – and rates have recently been trending
Read → May 08, 2023However, it’s worth remembering that the market in Q1 2022 was severely overheated, and approaching the peak of a historic, 10-year boom. This will distort many year-over-year comparisons.
Read → April 12, 2023The Market Continues to Recover, But with Many Dynamics at Play. Buyer demand continued to rebound from the depths of the mid-winter slowdown: The number and percentage of listings going into contract, and overbidding percentages continued to climb, and days-on-market to drop as the spring selling season gained traction.
Read → April 10, 2023The market was still just waking up in February. March through May is typically the most active listing and sales period of the year, and should soon provide much more data on supply, demand and price trends.
Read → March 08, 20232023 Market Indicators Turn Positive (But Interest Rates Climb Again). After the acute decline in market activity occurring in the 2nd half of 2022, buyer demand rebounded dramatically and most market indicators turned positive in early 2023: Open house traffic, number of offers, and overbidding and absorption rates all saw
Read → March 06, 2023That being said, inflation has dropped substantially since June and interest rates since November, home prices are well down from last spring, stock markets are up 8% (S&P) to 15% (Nasdaq) YTD as of 2/3/23 (albeit with continuing volatility), and despite escalating layoffs in high tech, early indications in 2023
Read → February 08, 2023Early 2023 Data Suggests Buyers Are Beginning to Jump Back In. December is typically the month that sees the year’s lowest level of deal-making activity – i.e. listings accepting offers (going into contract) – which leads to January usually posting the lowest monthly number of closed sales. (Sales typically close
Read → February 07, 2023Tens of thousands of Bay Area homes continued to sell in the 2nd half, a considerable, but declining percentage still selling quickly at over asking price. On the other hand, some buyers are making the best deals in years. For sellers, pricing, preparation and marketing are now critical, while buyers
Read → January 09, 2023In 2022, the market saw a dramatic shift from Q2 (spring), at which time the market peaked after a dramatic 10-year upcycle supercharged at its end by the pandemic boom, through the 2nd half of the year, when the market cooled significantly. Prompted by a number of economic factors –
Read → January 09, 2023
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