November 2024 East Bay Real Estate Market Watch
Hi!
Thanksgiving was a blast, this year I ditched the bird and made a beef wellington for the family. It turned out great. My dad pointed out that the dish was named after Duke Wellington who beat Napoleon at the battle of Waterloo. Why does he know that? While my dad’s nuanced knowledge still haunts me as I write, I want to remind you that we’ve been closely tracking the number of new contracts compared with the number of listings and this last month we are seeing some good signs (when I say contracts look at “# sold” in the table).
Listings were outpacing contracts by almost 2x for parts of this year, and this November we saw that flip - the hope is for solds to continue to outpace listings in December and January. We need this year's inventory to be absorbed prior to the start of the Spring market when we expect a big uptick in new inventory. If the market slows and 2024 inventory lingers into 2025 prices may lose stability.
Average list and sale prices are relatively flat in the areas sampled, showing that the market has resilience in the face of higher inventory levels and the elevated interest rate environment.
Month over month housing statistics for Alameda County, Contra Costa County, Oakland, Berkeley, Martinez, and Pleasant Hill
