You’ve probably heard a lot of people talking about the changing real estate market. Homes are staying on the market for longer than they have been in the past and inventory is increasing. We’ve been seeing this for about the last 60 to 90 days, but here are some concrete numbers that show what’s actually going on right now.
In Danville, for example, there are 152 active detached homes for sale, which is a pretty high number compared to what we’ve seen in the past. The average days on market here is around 75 days. Keep in mind that I’m not breaking this down by price range, so the average is brought up by a lot of the upper-end homes that typically take much longer to sell. Still, a 75-day average is huge.
Here are some of the numbers for some other towns around the East Bay:
Dublin: 58 detached homes for sale and an average days on market of 42 days on market.
Castro Valley: 42 detached home for sale and an average days on market of 38 days on market.
Antioch: 178 detached homes for sale and an average of 36 days on market.
Fremont: 200 detached homes for sale and an average days on market of 37 days on market.
Livermore: 133 detached home for sale and an average of 50 days on market.
As you can see, the average days on market has greatly increased from the 10-, 15-, and 20-day averages we were seeing earlier in the year. What does that mean for you as a buyer? If you’ve been sitting on the fence about buying, now is the time to get back out there.
If you’re a seller, you need to ask yourself if it makes sense to sell now or at the beginning of 2019. We don’t know what’s going to happen with the market for sure, but the trend shows that it’s going to continue to soften. The good news for sellers is that we still have a relatively strong market. If you look at other markets around the U.S., they’re lucky to get a home under contract within six months. Sellers should also know that they shouldn’t price their homes like their neighbor did earlier this year. You need to price based on data from the last few weeks to get it sold.
If you have any questions for us about buying or selling a home in this market, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.