The Spring Market Began in January and Continues to Accellerate
New Listings up 12%
Listings Pending Sale up 41%
Luxury House Sales up 115%
At the beginning of the new year, it is not unusual for buyers (demand) to jump back in much sooner than sellers (supply), a dynamic which commonly accelerates as spring gets underway. When demand surges while listings lag behind, buyers must increasingly compete, often heatedly, for appealing homes. This imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming common.
This report will look at median home list and sales prices, supply and demand from a variety of angles, the surge in luxury home sales, home prices along the Bay Area coastline, and the recent jump in interest rates.
The charts are meant to be self-explanatory, but your questions are always welcome.