August Residential Real Estate Market Update
Currently, most south Peninsula markets are in a “balanced” to a slight “sellers’ market” mode. To predict the upcoming fall real estate market climate (mid-August to early November), we are closely watching local employment figures, inventory of homes for sale, and closed home sales to ascertain trends.
The inventory and sales numbers we analyze are by individual community, in order to prevent the distortion of averaging. Currently, employment and closed sales (year over year) are both in a down trend, suggesting demand may slacken. Also, inventory (year over year) is in an up trend in many areas, indicating supply may continue to increase. At some point the fulcrum will tilt and it will become a “buyers’ market”, as it does in our area every seven to ten years.
Specific numbers can be viewed on our website: https://www.jstricker.com/MarketAnalysis.ubr