Hey it’s Tanja with your weekly market update for the San Francisco East Bay Area, for Oakland, Berkeley, Piedmont and Lamorinda for the week of July 20th, 2022. So inventory is up a little bit – you know the way this go up and down, it’s small numbers, they are not huge jumps and again the way that we determine what the market is doing, how active the market in is, is by the months worth of inventory. It is a month’s worth of inventory number of active homes divided by number of pending homes; and if you compare where we were today with in the beginning of the year, the difference is 8/10 of a month of difference. That is 80% of 30 days, that’s 24 days. 24 days more worth of inventory on the home. So, that means, if you look at months worth of inventory, the way you understand that is, if no more new houses came on the market, how long would it take to sell all the houses that are currently on the market it. So as you know near the beginning of the year we were at like 1.1 months. So you know 1 month and 1/10 worth of days of inventory. And now this wee, kI’m just using Oakland as an example. We are at 1.9 months worth of inventory. So that’s 24 more days more. That’s not even 2 months worth of inventory. If you are waiting to buy a house or do something with real estate, I’d not that much different. I’m not sure what you are waiting for. Because the cards are, if you think that home prices are going to come down, if you think interest rates are going to come down, if you think something that’s not what is in the cards is that home prices are going to continue to go up.
Maybe here and there you do see some price reductions but nonetheless the average that is expected for this year is still something like a 9%. So if you are waiting, you are not doing yourself a favor because what you are hoping is not going to happen according to the experts. If you’re going to buy, buy. If you’re going to sell, sell.
- Oakland has 1.9 months worth of inventory for single-family homes. For condos, it’s 3.3 months.
- Berkeley has 2 months worth of inventory for single-family homes. For condos, it’s 1.6 months.
- Piedmont really small town so the numbers are always off. 3.6 months worth of inventory for single-family homes.
- Lamorinda has 1.8 months worth of inventory for single-family homes. For condos, it’s 8/10 of a month.
- San Francisco was 1.9 months worth of inventory for single family homes.
The market is shifted but I think most buyers and sellers who are in it right now have adjusted. There are homes to buy and there are still getting scooped up rather quick. Don’t buy into all that hype. It is still a hot seller’s market.
And ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay offering you simplified and transparent choices! Tanja Odzak, Our East Bay Home AND eXp Realty and I’m always here to help. Reach out anytime even if you’ve just got questions.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?
Click here—> I WANT TO GAIN ACCESS TO THE *HOME BUYER* SEMINAR NOW
Click here—> I WANT TO GAIN ACCESS TO THE *HOME SELLER* SEMINAR NOW