Market dynamics shift: Surge in listings boosts sales numbers and prices, while interest rates climb |
Sellers started jumping back into the market, and the number of new listings coming on the market soared. This is an enormous change in market dynamics if it continues. Home prices, sales numbers, luxury sales, overbidding, and the speed at which listings sold all increased as the market moved deeper into spring. But not every listing sells: Price reductions also rose in April. Preparing, pricing, and marketing the home properly still matter. This report also includes breakouts of home values and market conditions across cities and towns within the regions. Inflation & Interest Rates: The general inflation reading for March, released in April, unexpectedly ticked up to 3.5%, significantly higher than the Fed’s goal of 2%. This caused mortgage interest rates to climb back above 7%, though remaining well below rates seen last fall. Speculation as to what the Fed may or may not do with its benchmark rate has been shifting for months from optimistic (will cut rates, perhaps several times in 2024) to pessimistic (won’t cut rates this year), back and forth, with the release of each new economic indicator. For the time being, the Fed has been staying pat, as it has since August. In any case, buyers and sellers seem to be taking the recent rise in interest rates in stride and moving forward with life plans. ![]() This report was created in good faith with data from sources deemed reliable but may contain errors and is subject to revision. Last period figures may change with late-reported activity. All numbers should be considered approximate. Economic conditions can be subject to significant volatility, even over the short term. CLICK HERE TO ACCESS THE FULL REPORT CLICK HERE TO REVIEW THE MARKET DYNAMICS BY CITYT CLICK HERE TO REVIEW THE EAST BAY HOME PRICE MAP FOR ALAMEDA & CONTRA COSTA COUNTIES Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate. Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis. Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |