Welcome to the February Edition of the Market Watch
We are closely tracking the number of new listings and the number of sales each month. Usually December or Jan and most of February are slower months for real estate. Slower in the sense that there are typically fewer new listings and subsequently fewer new contracts than busier months. This February, however, we saw a big jump in new inventory when looking at year-over-year numbers. But the month-over-month increase in inventory showed little to no change in the areas sampled.
We believe that this is due in large part to the very, very wet beginning we had in 2024. Bad weather is no bueno for showing properties, photography, landscaping, and touring homes.
So How Is the Market?
Average days on market suggests the marketplace is fairly balanced. The homes that sell are still doing so on average above asking. How much depends on the condition of the property and where it is located. Alameda County is seeing more competition, represented by the average dollar amount of $80,000 over list compared to CoCo County's $21,000.
We expect more of the same as the year unfolds - pay close attention to interest rates. When rates dip below 6%, our experience is that there are more buyers entering the market. Here is a link to Mortgage News Daily, which shows the national average for rates.
If you have a question about a specific area or property, please reach out!
Eli and Bill
Month over Month Housing Statistics
Alameda County, Contra Costa County, Oakland, Berkeley, Martinez, and Pleasant Hill
Year over Year Housing Statistics
Alameda County, Contra Costa County, Oakland, Berkeley, Martinez, and Pleasant Hill
