SFR Update 2022-07-23

 

For some National Real Estate Indicators, click here.

 

Detached Single-Family Homes in the East Bay

 

  • Inventory of detached single-family homes continues to climb across the East Bay at a faster pace than that going pending.  At the current level of demand, we now have 7.7 weeks of inventory on the market, which suggests a ‘neutral’ price bias at this time, which has been the case for a typical 1000sf to 1,800sf home, starting in February 2022.  (( From an economic viewpoint in these inflationary times, these are, of course, ‘nominal $’.  Therefore, arguably, real estate prices in ‘real $’ have decreased. )) 
  • Det. SFRs are staying on the market for 18 days on average in July before going pending – more than twice as long as they were back in April 2022.
  • This last chart is for the techie in you.  It shows the ‘current’ status of the active listing profile.  Note that the % of Expired, Withdrawn and Cancelled listings (blue bar) has steadily increased through May 2022.  June 2022 data is inconclusive since almost 56% of the listings that were active in June 2022 are still active at this time in July 2022 – many of these could conceivably either expire, withdraw or cancel from the market over the next few weeks.  Also note that the % active listings from June 2022 that are now (at this time in July 2022) either pending or have sold stands at 29%, which is significantly lower when compared to the 47% of listings that were active in May 2022.

For some snippets on the 2-to-4 Unit Properties market in the East Bay, click here.