Market Report
March 23, 2023

East Bay Insider - March 2023 Issue

East Bay Insider - March 2023 Issue

March 2023

The most up-to-date analysis of home values, market trends, and seller/ buyer behavior across the East Bay's residential real estate market.

Despite recent media reports about a slowdown in the market, the seasonal nature of real estate is playing out yet again.... buyers are competing for homes due to low inventory and the seller’s advantage has again returned. The difference however, is more intangible - the market feels more balanced and one could say it’s a better, heather marketplace to transact.

A buyer today is leveraging some discount from the highs of 2022, but with 27% fewer homes sold in February compared to a year ago, more and more buyers are again competing for homes available.  For a seller, though home values are on average 15% lower compared to this time last year, the incentive to invest into their home for a better presentation is still compelling - the more attractive a home is, the more buyers will want to visit. It’s not only buyers, but friends and neighbors will come too - the energy created encourages more offers.

The cool of 2022’s 4th quarter is gone, and though our early spring is warming up, the market presents more questions than answers. Where are interest rates heading and what impact will they have on buyer behavior? Is this the time to buy or sell?  One thing is sure; the east bay housing market is dynamic to say the least, and strategic opportunities are available for astute buyers and sellers.

- Alex

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