With the current inventory levels, the number of new listings coming to market is a significant predictor of sales. New listings rose 8% month over month, and sales followed suit, increasing 7%. Year over year, inventory is up 32%.
In the East Bay, low inventory and high demand have more than offset the downward price pressure from higher mortgage rates. Year over year, prices were up 9% in Alameda and 5% in Contra Costa. We expect prices in the East Bay to remain slightly below peak this year, although new highs are possible in June or July 2024. Low, but rising inventory is buoying prices as buyers are better able to find the best match.
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.
