Thanks to the Chief Market Analyst at Compass in the Bay Area, we have access to detailed and dramatic home price and interest rate trend charts. It’s pure candy for real estate data junkies!
Insights from Bay Area home sale trends
- When is the best and worst time to sell a house? It’s remarkable to see the spike in January on days on market. A listing agent may be a contrarian suggesting selling in the season when not everyone else is selling. For example in June and September many agents suggest to home owners that people are more likely to buy in those months. As a result a lot of new home inventory comes on the market. It really depends on what type of home you are selling, what interest rates are like, how unique your home is, and how your agent markets your property.
- Will prices in Berkeley and Oakland go up or down in the near future? Ask me for the Berkeley home sales trend chart. Or here’s the short story: It’s rare for Berkeley prices to ever go down. That being said, people who bought during the pandemic and are selling now may find it difficult to profit or even break even if a property doesn’t “check all the boxes.” Ask me about the top 5 boxes home buyers want to check.
- Real estate markets are a roller coaster. The Compass real estate trend reports reveal a multi-year roller coaster in inventory, pricing trends, interest rates, and now insurability. However over time, in most parts of the Bay Area, real estate has been an extraordinary investment.
This Bay Area Median Home Prices chart concludes at the end of 2023 when home sales were very much in the doldrums. East Bay home sales picked up in Spring 2024 then in July 2024 saw a slow down due to a confluence of factors: the upcoming election, people off on vacation, the prospect of an interest rate drop in early Fall, confusion with SO much inventory on the market, and overall “let’s just wait” malaise.
Some home buyers in Berkeley and Oakland have benefitted as other buyers waited on the sidelines. With more inventory, some sellers have cut their price expectations. Wanting to “just get it sold,” buyers are winning.
What would you like to know? Where would you like to buy or sell?
Check out all of the charts in the August 2024 Compass Greater Bay Area home sales trend flipbook.
Ask me for detailed reports on a neighborhood or what your own home is worth.
