Bay Area Housing Market Report: Price, Inventory, and Opportunities | October 2023

In September 2023 we had a slight increase in the number of new listings. It may be just a seasonal trend but also may be a sign that sellers stopped waiting for the mortgage rates to drop and are entering the market in larger numbers than at the beginning of the year.

The buyer demand is still strong. The median time to sell a home in Santa Clara and San Mateo counties is still only 9 days. Half of the homes that came to the market were sold in 9 days or less. The number of homes available for sale was not enough to satisfy the demand for housing. The average overbid in September was 4.1%.

So far, the changes in the market conditions in the Bay Area were not significant enough to move the market into the buyers territory and to push prices down. For our market to even be considered a balanced market, the inventory should increase from the current 1.7 months to at least 3 months.

Michael Talis:
Call/text: (650) 766-6100
Web: https://bit.ly/3WUrGqv
Email: https://bit.ly/3Hscr2d
Coldwell Banker Realty
CALDRE: 01883499