With the larger economic news trends continuing through October (inflation remaining high, interest rates still climbing, stock market uneasiness, etc.), the Bay Area real estate market also saw its recent trends continue: longer average days-on-market, more discerning buyers, and many homes selling at or below list price. And through all of this, inventory remains low!
Here at MRG, we enter our favorite time of year to help buyers. Let's have Compass Chief Economist Patrick Carlisle tell you why:
The market now enters the 2-month holiday period which typically sees the year’s lowest levels of
activity: The numbers of new listings and of listings going into contract usually plunge to their
annual nadirs, and an increasing percentage of sellers, especially in higher price segments, pull their homes off the market to await the new year. (Many listings were taken off the market in November and
December will presumably be relisted in Q1 2023.) Still, buying and selling continue, though at
reduced levels, and this can be an excellent time for buyers to aggressively negotiate prices.
Essentially, there is less buyer competition due to many folks taking a break in their home searches, and sellers that do keep their properties on the market are eager to get those puppies sold. Eyes wide open for timely opportunities to become nice little (or big) holiday treats!