For quite a few months, we’ve seen median sale prices trailing where they were last year by a considerable amount. Inventory levels have reached a local peak, with levels just starting to decrease in the single-family market in June. The recent decline in inventory can largely be attributed to the number of new listings being added shrinking at a faster rate than demand.
It’s true, homes are spending quite a bit more time on the market when you look at year-over-year percentage changes. The average home is spending somewhere between 25% and 35% more time on the market compared to last year. However, many homes are still moving relatively quickly. The average Alameda County home spends just 15 days on the market, and the average Contra Costa County home spends 17 days on the market! While the months of inventory data slightly favors sellers, it certainly seems that buyers currently hold the negotiating power here locally.
As always, Arrive Real Estate Group remains committed to helping our clients achieve their current and future real estate goals. Our team of experienced professionals are happy to discuss the information we’ve shared in this newsletter. We welcome you to contact us with any questions about the current market or to request an evaluation of your home.
