Inventory Low, Prices High graphs
1. There are many eager homes buyers in this market. Some with lots of cash in their pockets. With the anticipation of prices going up, they want to act fast and buy now. However, there is not a lot on the market. This back and forth (the story of life) is piling up offers on a single property, and even driving up prices above ask.
“Months of supply” is the metric real estate uses to track how fast the market is selling through the homes for sale. In a balanced market, we’d expect to see 5-6 months of inventory. Anything less than that favors sellers, and 1.3 months is an indication that home sellers are the ones calling the shots in the Bay Area. (And vise versa)
70% of buyers we surveyed in the Bay Area thought prices were heading up. For the most part, they’re right.
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