The number of single-family homes and condos that traded hands across the greater Bay Area totaled 5,341 this past December, that’s down 13.2 percent from November (versus typically ticking up), down 21.6 percent on a year-over-year basis, and the lowest December sales total since 2007, which marks another 11-year seasonal low, according to recorded sales data from CoreLogic.
Sales YoY comparison for December:
San Francisco: down 18.8%
Alameda: down 18.6%
Santa Clara: down 24.6%
No one is selling real estate… in my south San Jose neighborhood, there are very few listings. There were a lot over the summer as people kept jumping in thinking the market was still hot but they missed the boat that sailed in April.
Inventory is still historically low…Redwood City has 53 sfhs for sale…All time low was around 25… in the early 90s it was around 500…at the height of the great recession around 250…Alarmists in the media again have no historical memory…Short chart syndrome…Hysterical but not historical.
Well the rental market isn’t as tight as it was, but places seem to be getting rented out within a month of going on market. I still see people on NextDoor posting that they are looking for a place. Could be they are just looking for a lower priced place and can’t afford what is on the market.
Bottom line is yes, hysterical headlines created to get people to click/read the articles. Gotta sell that advertising…