Bay Area Market Report 2023
Lately, I’ve been asked many times whether or not we’re out of the real estate gloomies we’ve experienced lately! While the first quarter of 2022 was a steaming hot market, that can’t be said for the months that followed with real estate trending downwards.
What a difference a year makes! Over the last year we’ve had to deal with a war, stock market and Bitcoin plunge, numerous interest rates hikes, layoffs, and let’s not forget bank failures; phew, we all deserve a break!
In comparing the first quarter of 2022 with the first quarter of 2023, it’s clear that several cities have taken a hit; having said that, there are many that have not only recovered but have exceeded the median sale price over last year’s first quarter. A contributory factor is the shortage of inventory with owners reluctant to list their homes; after all who can blame them with interest rates being so high now!
It certainly looks as though we’re through the worst yet, as usual, it’s a tough time for many buyers, not only do they now have high interest rates to contend with, but with inventory being so low, multiple offers are back in many areas.
Take a look at the charts and see where your city stands.
As for buyers, as long as you’re patient, now’s a great time to buy, once mortgage rates decline, prices will start to go up and we’ll be back on the roller coaster called real estate in the Bay area!
Have questions? Need a referral? Message me at 650-224-4747, I’d love to hear from you, better yet, let’s meet for coffee, tea, or something 🙂
