Everyone usually plans a trip and thanks to social media we all get to go too.
Typically August is a busy month for real estate and this year is no different. Many new listings will hit the market in September so this month is largely spent prepping listings for sale. School has headed back earlier this year in much of the East Bay. July sales numbers were fewer than LY, although average price was up +10% over LY. I.E. Properties that are properly prepared for market are still seeing multiple offers and selling prices over asking (see below for statistics by city).
Checking in with local staging companies, inspectors and my listing team at Red Oak (that is growing with an exciting acquisition you can read more about below) and everyone is acknowledging this fall will be very busy. Having a strong strategy in a market like ours is imperative and is why you have resources like me to assist you.
Interest rates continue to be extremely low and supposedly we can expect one more significant cut prior to year end that can have a positive impact for local buyers and sellers as the rest of the U.S. market is slowing and we are seeing some stock market weakness.
Most areas of the East Bay are still seeing increases year over year. Single family homes continue to be where the market is most challenged with lack of inventory while the condo market, particularly in Oakland will continue to see new projects most notably the Brooklyn Basin area of Oakland start to go live creating exciting new vibrant waterfront neighborhoods. Here is an interactive map that will show you what future growth is planned for the east bay in the way of condo and other large scale projects.
Let's connect to discuss any questions you may have about the real estate market.
