What’s happening with the housing market in the Bay Area?
The stock market is down. Interest rates are up. And there’s a lot of talk about what’s going on with the housing market.
So we ran the numbers. One of the best ways to tell what’s going on with the market is something called days on market. Which is essentially how long it takes from the house to come on the market and get an accepted offer. Not necessarily close but how long it takes to find a buyer and agree to a price.
The average days on market for Contra Costa in Alameda county’s for the first three months of this year was 16 days. Days on market for Contra Costa in Alameda county from April to right now… 13 days. So in the last six weeks, houses have been actually selling at a faster rate since interest rates went up.
Buyers are trying to get in before interest rates go up even further. And there’s still not enough homes for sale to meet demand.