Signs of a slowing market

Here are the latest listing inventory stats (per Red Oak Realty):

  • Active inventory is declining, but at an uneven and slow pace. We have been at a 6-year record high for the past 8 weeks.

  • A wave of new listings hit the market last week, particularly in the $750K-$1M price range, keeping seller competition stiff.

  • The number of pending properties has declined for the past two weeks, reflecting in lower buyer demand.

Additionally, average days on market for active inventory is at a 6-year year high: this week it is 37 days (it was at a record low the same time last year at 32 days). 

If these trends continue, sellers are going to have a harder time getting properties into contract and may need to take price reductions.

Buyers may want to consider getting aggressive on their offers for those not-so-perfect homes. There may be a "bargain" waiting to be discovered.

 Data from the MLS for the following cities: Albany, Berkeley, El Cerrito, Kensington, Oakland and Piedmont. These charts are for Red Oak Realty and clients.

Data from the MLS for the following cities: Albany, Berkeley, El Cerrito, Kensington, Oakland and Piedmont. These charts are for Red Oak Realty and clients.