The Bay Area real estate market update…total inventory from South San Francisco to Redwood City is up to a new peak at 313! As Tim and Dan have been tracking these inventory numbers week over week for over 20 years, they are pointing out the typical trends that the highest point of inventory for the year always lands in June/July. The market seems to be holding its own, while inventory is high the sales per week are still close to 40 week over week which indicates healthy market. The lower interest rates are still driving sales throughout the summer, showing that we have more money on supply than we do have on demand so that is why they are driving lowering of interest rates throughout the year. Dan and Tim analyze a San Mateo property during “That Sold for What!?” that had an extraordinary list price to sales price. Although inventory is peaking, overall from a macro sense this is still a low inventory market, if you look back at 2010 total/total was around 1000 homes/ condominiums for sale. There is an opportunity for buyers right now, less competition and more inventory for sale.
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