Since the beginning of the year, activity has picked up with 60% more home sales in March than in February. The collapse of Silicon Valley Bank pulled some energy from the market with interest rates increasing a notch briefly then coming down in the aftermath.
Homes are selling more quickly as compared to February as buyers are now moving more quickly into the market. The median price of homes sold during the month of March reached $1.455m, roughly 3% lower than the month of February, yet 34% lower than one year ago (but higher than 2020).
Though values are holding relatively steady, the market suggests a more balanced dynamic between sellers and buyers. With not enough inventory to meet buyer demand, beautifully presented homes are still top performers. Buyers are more particular now - they have a tad more leverage, making property preparation even more meaningful.
Assuming no sudden changes in the economy, buyers will return to the market - with lending holding more or less steady. Inventory will likely remain low as sellers with low interest rates are staying put. The general sentiment is that single family homes should track in a positive direction through the spring buying season.
Navigating this market requires a more calculated approach - what is the value of a home? what neighborhoods are a better investment? Reach out to chat with your questions.
April 2023 Full Market Report: East Bay Area
Covering 26 cities across Alameda and Contra Costa counties, my market report offers an in-depth view of market changes for single-family homes, condos, and townhouses.