October 2024 East Bay Real Estate Market Watch
Happy November -
The election results may or may not be what you were hoping for. This last month we had wonky interest rate activity because the markets did not know how to price in for each presidential hopeful’s fiscal policy differences. Many saw a Kamala victory as a chance for rates to decrease, and a Trump victory one where rates could increase. I’m not saying the Trump administration is unequivocally bad for rates, there are still outcomes where rates improve. And just the same should Kamala have won, rates may have increased under her administration. To that end we will never know. My big point is that experts still don’t know so expect more interest rate fluctuations to occur in the coming months. This week we are going to get a FED announcement. The hope is another .5% decrease, as well as clarification on what the next year is going to look like. Depending on the outcome we may see a little relief from where rates are currently hanging around 7%.
All this uncertainty has made it more difficult to buy and sell property in the Bay Area. On a county level there are fewer homes being listed in October than the month previous pretty much across the board. This shows seller caution. Interesting to note that there are fewer homes month over month, but there are still more new homes on the market in October 2024 vs October 2023. Fewer new contracts and more homes to choose from has tilted the balance of power towards those buyers brave enough to shop in these conditions. Average days on market are also starting to creep up. In some places it’s taking over a month to sell.
Average list price and average sale price are relatively flat month over month and year over year. It is critical during these times of volatility to price your home conservatively and focus on improvement efforts that have a history of high returns on investment. In many cases it’s an all or nothing marketing prep program. Whether you are a buyer or seller we are always available to discuss your options for a particular property or area.
Month over month housing statistics for Alameda County, Contra Costa County, Oakland, Berkeley, Martinez, and Pleasant Hill
