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Lower Sales Expected Due to Low Inventory
Dated: March 8 2013
The market has definitively turned a corner since March of last year with prices moving up 15% year over year in the area. The historically low rates, diminishing inventory of homes as well as the overall feeling among home buyers that now is the time to buy has created significant momentum. Nearly every home listed is getting multiple offers and most high offers are being countered with terms that significantly favor the seller. Essentially it is now a seller’s market. The East Bay market is seeing very strong demand. The most recent home we sold had six offers and all were above asking price. It was priced right at the highest comp and still went over asking. The average days on market in East Bay is now less than 12 days. Even short sale listings are getting numerous offers.
Last year in the East Bay market sales were very robust with overall sales volume of 29,614 homes sold in Contra Costa & Alameda Counties. However this year sales volume will be down significantly due to the low supply. Currently only 1,342 homes have sold in the first two months of the year. Prices however will be up due to the supply and demand factor. This is great news for Sellers but going to be a bit of a battle for buyers until more inventory comes to the market. Patience is key, spring is just around the corner and we expect to see some good inventory coming to the market relative to what we have see in the last 90 days.
Keller Williams Realty - EastBayPro Team Real Estate Coverage: Walnut Creek, Pleasant Hill, Martinez, Alamo, Lafayette , San Ramon, Danville, Orinda, Moraga, Concord, Brentwood, Antioch, Pittsburg, Bay Point, Oakley, Castro Valley, Hayward, Oakland, Fremont, Pleasanton, Berkeley
The EastBayPro Team ranks in the top 1%in Contra Costa and Alameda County. In 2012 the team was recognized as Five Star Agents and featured in Diablo Magazine