Wishing you very Happy Holidays!
The shift in the real estate market that began in the late Spring this year has continued into Fall due to high inflation and interest rates and volatile stock markets. Home prices, appreciation rates, sales volume, and days on market continue to show that the market has cooled and corrected since the Spring. Although this is the case, Bay Area homes continue to sell. In this market, it is imperative that sellers price their homes correctly. December usually has the slowest new listing and sales activity, as many homes are taken off the market to re-list in the New Year. However, now can be a great time for buyers to negotiate prices! |
As the year 2022 closes, we all are somewhat relieved it’s over, yet cautious about the year ahead. We can expect higher interest rates and only a modest supply of homes, at least in the first months of the new year. Some homebuyers can no longer afford what they thought they could, but price reductions have also brought prices in line with what buyers can pay. The stock market will continue its price volatility and workers will make decisions about whether to return to the office, especially with the new surge in viruses. But there is good news too. People are ready to return to their lives before Covid, and this should make 2023 a year of recovery. Best wishes for the holidays and in the New Year. |
In California, all-cash home purchases increased from 19% in 2021 to 22% in 2022. |
Although the median home sales price has continued to decrease from July-November 2022, when looking at all of 2022, the median home sales price has still increased from 2021! |
Although sales are down compared to last year, in the chart below you'll see that the Average Days on Market of homes that have sold this year has only increased about 10 days. Homes are still selling and it is imperative for Sellers to price their home correctly! |
6 Bed | 4.5 Bath | $4,000,000 |
3 Bed | 2 Bath | $2,500,000 |
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3 Bed | 2 Bath (Represented Buyer) |
440 Cesano Court, Unit 314 2 Bed | 2 Bath | $908,000 |
3 Bed | 2 Bath (Represented Buyers) |
3 Bed | 2.5 Bath | $1,500,000 |
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We have buyers looking in Atherton, Menlo Park, Palo Alto, Woodside, Portola Valley, and Los Altos Hills in prices ranging from $4M - 15M and are always looking for pre-market opportunities or properties coming soon. If you know of any properties that fit, we would love to hear about them! |
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
Photos may be virtually staged or digitally enhanced and may not reflect
actual property conditions.
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