This is your weekly market update for the San Francisco East Bay Area. This is for Berkeley, Oakland, Piedmont and Lamorinda for the week of July 27th 2022. So you know it was my birthday this weekend and I got COVID for my birthday. Which sucked man. Oh my God. Um but I tested clear. Yes so I still have a cough but I am no longer contagious. Yay. Anyway let’s get into it.
So I would say we have reached a new equilibrium the number of active homes on the market for the cities that I continually report on and I check more than what I report on but for the ones that I report to you guys the number of active homes on the market has been pretty stable, the number of or the median days on market has gone up, but the number of homes on the market, this is at a new equilibrium. The number of homes that go pending every week. But let’s talk about the months of inventory because that’s really how we gauge how the market is doing overall.
- Oakland for single-family homes, 1.9 months worth of inventory. For condos, 3.1 months worth of inventory.
- Berkeley single-family homes, 2 months worth of inventory. Condos in Berkeley, 1.6 months worth of inventory.
- Piedmont 4/8 months worth of inventory. That’s pretty high. But again Piedmont’s a really small city. So it’s not a good sample size number.
- Lamorinda has 1.7 months worth of inventory for single family homes for condos under 1 month. 9/10 worth of a month’s worth of inventory.
- In San Francisco has 1.9 worth months worth of inventory.
So everywhere is still a strong seller’s market. Again Piedmont at 4.8 month and it’s really too small to say but generally speaking again, 6 months or less is what is considered a seller’s market and in this case for the cities that I report, we are all consistently under 2 months worth of inventory. So that is still a hot seller’s market.
Feds hiked the interest rate today but that hike has already been taken into account by the lenders. And interest rates are not expect to go down at least in the near future. History points to other events in the future where it probably will come down again. Like with the recession. So houses are taking a little bit longer to sell but what about prices? What’s happening with them? Well when the month closes we’ll come back and we’ll talk about it then.
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.
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