People are quick to generalize our national real estate market, but the truth is that real estate is hyper-local. You can see this even within the San Francisco Bay Area.
Consider, for example, the often asked question of whether our area is experiencing a buyers real estate market or a sellers market. If you look at the recently released January San Francisco Bay Area real estate statistics, you’ll see that the answer really depends on where you live in the Bay Area.
We consider over 35% of listed homes in contract indicative of a sellers’ market, under 25% indicative of a buyers’ market, and 25%-35% a balanced market. Based on this matrix, Marin (42%), Napa (45%), and Sonoma (53%) each seemed to be in the midst of a sellers’ market in January. Meanwhile, the East Bay (29%) and San Francisco (28.78%) appeared to remain balanced markets in January.
We’re more than halfway through February. Statistics aside, here is what I see happening right now in Lafayette. Demand is high and inventory is extremely low! Qualified buyers are ready to buy, but that doesn’t mean they’re prepared to over pay. Well-positioned properties located in the right neighborhoods are entering into contract quickly and sometimes with multiple offers!
That’s the nature of our balanced market: Neither buyer nor seller has the advantage. Both just need to treat each other fairly.
Dana Green is an award winning Realtor. Born and raised in Lafayette, CA, she continues to live in Lafayette with her husband and children. This blog focuses on topics of interest to people who live in Lafayette and its neighboring cities -- from real estate to lifestyle. Please... join the conversation!