East Bay Market Update - November 2023

Seasonality in the Bay Area Real Estate Market

As we’ve seen over the past few years, the real estate market in our area is a dynamic and ever-changing landscape. While you might not think certain seasons weigh on the amount you’re paying or asking for your home — they do! There can be a difference as high as 10% in some cases. [Source: National Association of Realtors.] Understanding the ebb and flow throughout the year is crucial for buyers and sellers.

In this month’s newsletter, we’ll explore how different seasons affect the real estate market and what you can do to position yourself strategically.

The Spring Market in the Bay Area — New Listings and High Demand

It’s well known that certain times of the year can be more active than others, filled with either benefits or challenges, depending on your place in the process. Spring is typically a popular time to look for a new home because buyers have been waiting out the slow winter months for new inventory, and sellers have been priming for the best conditions to showcase their home — think sunshine and pretty gardens. These two factors mean it all starts with a bang in early spring and peaks in late spring/early summer.

As a seller, spring can be an excellent opportunity for bustling buyer activity and the potential for multiple offers. But from a buyer’s perspective, you’re part of a bigger pool of buyers, which can translate into increased competition, multiple offers, and higher prices. .

Our strong market continues through June and July, usually showing some slowing in August. The fall season, once school is back in session, can be an excellent time to buy or sell. Especially here in the Bay Area with our lovely Indian Summer weather. It’s a little less frenzied than spring and offers the opportunity to complete the sale before the holidays.

For the buyers who have the drive and interest to keep looking through the winter season, it just might pay off. Sellers can’t always follow the market’s seasonality, and you might find a great opportunity with little competition.

Seasonal Fluctuations in Existing Homes Sales

The charts above and below show the seasonal changes in home sales and prices. June 2020 saw the largest number of homes sold due to the pandemic, in contrast to how far sales fell starting in mid-2022 due to the increase in interest rates. 2023 shows some return to normalcy as buyers adjusted to the higher rates.

Changes in Home Prices

Help Support our Coat Drive!

Join Calia Homes this holiday season in making a difference in our community by donating new or gently used coats for those less fortunate. Your contributions will be given to CityTeam Oakland, a nonprofit organization that provides essential items, including clothing, to individuals in need. We're here to make the donation process easy for you – we can pick up your coat personally, or you can drop it off at our office, located at 4937 Telegraph Avenue, between 8:30 a.m. and 5:00 p.m.

Feel free to contact us using the information at the bottom of this newsletter to coordinate the donation. Together, let's bring warmth and comfort to those who need it most. The donation drive continues until January 1st. Thank you!