The Bay Area real estate market update…total inventory from South San Francisco to Redwood City is down on a Holiday week to 296! As we are entering the second half of the year it is interesting to see the inventory go down, however it is also a holiday week with the 4th of July on Thursday of this week. Tim and Dan note that while some agents might think the market is “funky” its a reflection of the market somewhat normalizing since it has been on fire for the last 5-6 years. Properties are still selling in an under 5 week market, and as they point out in “That sold for what!?” there are still properties receiving 200-300 thousand over asking! The average property is selling for 103% over asking price, this would reflect a very healthy market even if some homes are taking a little longer to sell then they had before. With jobs continuing to be created and kept in the bay area and interest rates reaching a new low, the market doesn’t seem to be shifting in the near future. The second half of the year is “investors” time of the year, please reach out to Dan or Tim to sign up for Tims investors webinar/ episode!
Follow the Monday Morning Market Minute: www.thegilmartins.com/blog
Get on the mailing list to get notified when a new episode is released: http://eepurl.com/cmAfCX