Bay Area Housing Inventory Again Posted a Solid Increase in November

Executive Summary:

  • Overall Bay Area home sales (single-family homes and condominiums) declined by 17 percent year over year in November, with all counties and price ranges posting decreases.
  • Year to date, total 2018 sales are 5 percent below last year; however, sales of homes priced higher than $1 million are still trending above 2017 levels.
  • Some communities — particularly Marin County’s San Anselmo and a few others in San Mateo and Contra Costa counties — continued to post more sales compared with last year.
  • Inventory jumped by 27 percent year over year in November, with homes priced below $1 million up by 27 percent, homes priced between $1 million and $2 million up by 39 percent, and homes priced above $2 million up by 9 percent.
  • The Bay Area’s median home price appreciation slowed to 3 percent on an annual basis, the least growth since August 2016. Home prices in Sonoma County posted a 5 percent decline due to more lower-priced sales.
  • Buyers of affordable homes responded the most to changing market dynamics. Price reductions increased by 16 percentage points, from 16 percent last year to 32 percent this year, mostly for homes priced below $1 million in Santa Clara and Sonoma counties.
  • Most of the inventory increases and price reductions were in areas that lack access to employment centers and transit corridors.
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Bay Area cities with the largest annual home sales increases and declines, September through November

Inventory of homes for sale by Bay Area county, November 2016, 2017, and 2018

Year-over-year changes in inventory by Bay Area county and price range

Bay Area cities with the largest annual inventory gains and declines, September through November

Change in price reductions from September through November compared with the same period last year

It will be decided in the upcoming spring.

SF is the best. SCC is the worst. Slowdown happened in job centers, not remote places.

Price difference in bad neighborhood and good neighborhood seems to be very small now. Do you agree?

Price difference in Tracy, Livermore and Santa Clara seems to be pretty small, so you disagree?

Marin county seems a bargain. Is it true or false? Is it a trap for investment with sluggish population? Is Marin viable as a commuting neighborhood?

SF is holding better than SCC and SMC judging from the price reduction map. It’s less dependent on tech than especially SCC. The top 3 gainers in inventory: Milpitas, Santa Clara and Sunnyvale may see some good deals now. Any people shopping in those areas?

I remember fall of 2016, and people were saying it was the end of the world and the bubble was popping. It is still historically low inventory levels.

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LOL…I think I told some posters here to put their eyes on E San Jose. :blush:

Regarding housing in decline, the rural areas start to reflect the slowdown or the crash of the RE market. It is there where the lower income people start to flee, and by nature they are the first people to get laid off. They are prompt to put the signs for sale on their front yard. The rest of the population living in urban areas stay put for a few months or years. They hold to the sack of lies until it’s time to let it go.

But, if you start to see there’s more supply, look for the cause. Are they cashing out? Are they fleeing the area based on “whatever”? Are they sensing the economy is going to crash?

The only sense valid here is the smell in your nose. If you feel it is a good time to buy, buy, otherwise, well, be quiet, valuate your skills, and wait for the killing……….or to be killed. :laughing:

Correction. Sunnyvale other than 94087. Look at the Homestead High School thread, inventory is DOWN.

So North Sunnyvale inventory is up, south is down?

South? More like West.

Southwest then.

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