We’ve seen a flood of fall inventory hit the market after Labor Day, which is typical for the Inner East Bay*. And while new contracts spiked last week, which is good news for the market, it's mitigated by the fact that a new round of listings also became available. As a result, we're back to where we were: a high level of supply and continued power in the hands of buyers.
The number of new contracts picked up last week, although the increase was not significant.
The number of new listings also increased last week, applying continued, competitive pressure on sellers.
The total number of active listings remains flat (and high for the season). The total number of properties under contract also remains flat (and at an all-time low for the season since we began tracking in 2013).
Months' supply of inventory determines how long it would take to sell all available homes on the market. The higher the number, the more of a buyers' market we're in. It currently stands at 1.87 months, a near all-time high for the market.
Looking only at Red Oak transactions by their offer date, we can see how future market data may unfold. Sales price remains flat; price over asking is at 12%, nearly identical to 2019 and 2020 data; and transactions are receiving an average of 2.6 offers, a near all-time low.
It appears as if the fall market will remain challenging for sellers. If you or someone you know is considering a sale this year, speak with your Realtor to decide if it’s best to put the property on the market in the next five to six weeks, or wait until after the new year. Reach out to us with any questions.
* The Inner East Bay is defined as Albany, Berkeley, El Cerrito, Kensington, Oakland and Piedmont. Data is sourced from the Multiple Listing Service (MLS). MLS data is provided by individual listing brokerages. These are sources we deem reliable. We have no reason to doubt their accuracy, but we do not guarantee them. Past performance does not guarantee future performance.
