Homebuyers and Sellers, do you know what’s going on in the Real Estate world? Let’s take a look at the California Housing Market Report and see what’s going on with the numbers!
Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes here in the East Bay.
According to Redfin’s data available for October 2023, California single family home closed sales are down 7.1% from last year. However, home prices are up 7.0% compared to October last year, and selling for a median sales price of $799,500. So you can see, even though inventory has been low, closed sales data shows home prices continued on an upward trajectory through October. The national average 30-year fixed mortgage rate is at 7.53% and the average days on market for a home to go pending was 30 days. Across the state, the number of homes for sale is down 18.6% from last year and we are currently at a 2-month supply, meaning we are still in a seller’s market. Statewide, closed sales data shows a strong buyer demand for housing with 44.5% of homes selling above list price.
While home prices were up for California, the California Association of Realtors President Jennifer Branchini said, “A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year… Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price…”. It will be interesting to see what data comes out from that, given that the last time rates were that high was almost 23 years ago.
The TOP AREA that people are leaving is San Francisco Metro Area! And the TOP AREA that people are going to is the Sacramento Metro Area. So if you need to sell a home, Call me! And if you need a great agent in Sac Town, Call me because I can hook you up with a great agent there too!
Of course, Real Estate is very volatile and always changing. So if you want to know what’s REALLY happening RIGHT NOW, RIGHT HERE in the East Bay, call me, I’m your East Bay real estate expert! I study the data and I’ll give you the most up-to-date numbers and help you get to where you’re going!
And ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. I’m Tanja and I sell homes. Let’s get you going, Call me today!
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?