2018 got off to a rather slow start in regards to home sales. While the numbers for January remained steady year-to-year with four sales in 2017 and 2018, we saw significantly lower sales in February with only seven sales this year compared with twenty last year.
Inventory is much tighter overall in the East Bay. We speak of a ‘sellers market’ when inventory is at a 3 months supply or lower. The current supply for the East Bay is below 2 months.
Many homeowners are holding on to their property for various reasons such as:
- The average homeowner is now living in their home for a longer duration (Now 10 years versus only 5 years a decade ago).
- Many current homeowners have locked in a lower, fixed-rate mortgage and are reluctant to take on a new, higher rate by moving (mortgage rates are still historically low).
- With rising prices all over the bay area, homeowners don’t know where to go.
That said, deals for buyers can still be found. Every situation is different and determined buyers shouldn’t shy away from jumping into the market. With rising rents, it still might be cheaper to buy if you intend on staying put for a few years. I recommend using a rent vs buy calculator to find out where you stand. You should speak to a lender and get prequalified (we can recommend someone).
If you own a property, it might be the perfect time to sell!
January 2018 by The Numbers:
February 2018 by The Numbers:
Types of Homes Sold:
The number of homes sold for February increased from 4 t0 7.
Studios & 1 Bedroom Homes:
The number of 1 bedroom and studios sold increased from 3 to 4 .
2 Bedroom Homes:
The number of 2 bedroom homes sold increased from 1 to 2.
3 Bedroom + Homes:
The number of 3 bedroom homes sold increased from 0 to 1.
Median Sales Price vs. Median List Price:
Both Median Sales price and Median List price decreased in February with the sales price dropping from $562K to $510K and the list price decreasing from $538K to 425K.
Average Days on Market:
The Average Days on the Market for Emeryville homes decreased from 26 to 10.