Here are the latest listing inventory stats (per Red Oak Realty):
Active inventory is declining, but at an uneven and slow pace. We have been at a 6-year record high for the past 8 weeks.
A wave of new listings hit the market last week, particularly in the $750K-$1M price range, keeping seller competition stiff.
The number of pending properties has declined for the past two weeks, reflecting in lower buyer demand.
Additionally, average days on market for active inventory is at a 6-year year high: this week it is 37 days (it was at a record low the same time last year at 32 days).
If these trends continue, sellers are going to have a harder time getting properties into contract and may need to take price reductions.
Buyers may want to consider getting aggressive on their offers for those not-so-perfect homes. There may be a "bargain" waiting to be discovered.
Data from the MLS for the following cities: Albany, Berkeley, El Cerrito, Kensington, Oakland and Piedmont. These charts are for Red Oak Realty and clients.
