Home Sales down,
but so were New Listings
Everyone has been talking about how the real estate market had slowed down, prices were softer and many homes were taking longer to sell. This is all true, but I think this remains a very healthy market for both buyers and sellers.
Single family home sales over the past 12 months are down about 5% compared to the two prior years. However, a better comparison is the quantity of sales over the past 12 months versus the number of new listings over the same period. Currently 82% of new listings have sold, this is a bit low. In October 2018 that number wast 83% and in October 2017 it was 92%. Most years this number is in the high 80s. See the graph below.
Overall, we are seeing fewer homes coming on the market and inventories are not really high for this time of year. This appears to be a good market for sellers in that prices are still near their all time highs and a favorable market for buyers in that things are still a little less insane and they can take advantage of some great interest rates.
Looking for an agent that has his pulse on the market and can be a good advisor in buying or selling a home? Call me, 650-346-1595.