Posted to: Albany

The Heat of the Market

Home Sweet Home

Summer is over and the market is still hot, hot, hot.  However, it isn’t as hot as it has been over the past 6 months.  But here is the thing: our market is hyperlocal and it changes week by week.  How can this be?

In a market with low inventory all it takes is for a handful of the same houses to come on the market at the same time.  Late August the inventory in Berkeley and Albany was low.  Yes, it was a seasonal low, but there were still enough buyers to make these homes receive multiple offers and sell for over asking.  The week after labor day that all changed: 18 2 bedroom, 1 bath homes came on the market in Berkeley alone, an uptick in inventory like we haven’t seen all year.

What happened was that for each house that was previously receiving 6-10 offers, there were now enough houses for all of the buyers.  As a result, some homes in El Cerrito, Kensington and Berkeley did not receive offers on the anticipated offer date.

The past two weeks saw daily emails from agents who had sent out emails saying “No Offers,” “Offers as they come,” and “Transparent Pricing.”

In looking at the data many of these homes are now in contract, but only time will tell whether these homes sold for the anticipated price.  This is one of the dangers of a market with low inventory.  If you are considering selling then be sure to consult with a hyperlocal agent who knows your area and understands the inventory trends.  This week?  Inventory is back to normal {low} levels.



No comments for “The Heat of the Market”

Post a comment

Welcome to Krista + Rosie, Realtors

Hi friends! We are Krista + Rosie, the brains behind the Krista + Rosie Team. Powered by Abio Properties we are a top producing real estate team working {and having fun} in Berkeley, Oakland and the surrounding areas. From buying + selling to DIY + home decor to plumber + gardener recommendations we are your one-stop-shop for all things real estate.

Recent Posts

Tax Reform and Real Estate: Who Are the Winners and Losers?
January 11, 2018
By Krista Miller
Buying a Home as a Real Estate Agent: Unsolicited Advice for Buyers and their Agents
January 9, 2018
By Rosie Papazian
Client Success Story #202
November 9, 2017
By Krista Miller
Restaurant Review: Juanita and Maude
November 6, 2017
By Krista Miller
Food Drive For The Alameda Community Food Bank
November 1, 2017
By Krista Miller