Here's which way these Bay Area real estate professionals think the wind is blowing in the local housing market.
It was a cold December in Bay Area real estate as home prices continued to slump across the region.new figures from CompassLuxury home sales were down 60% and ultra luxury home sales were down 69%. The average days on the market for homes increased to 44 days last month compared with 31 days in December 2021, and 31% of homes sold over asking, but that number was also down from 51% in December 2021 and 80% from its peak last April.
Compass agent Karen Mendelsohn Gould said she's already seen solid properties coming online since the first of the year in every neighborhood in terms of price point and condition. However, overall, she said she expects a tighter inventory. "The next two years may be flat to a somewhat softer market as we go through this cycle. Areas such as Pacific Heights, Sea Cliff, Presidio Heights, Russian Hill, Nob Hill as well as the newer luxury markets in Noe Valley/Upper Market will be hit to a lesser extent," Goodrich said.
Buyers will also have the opportunity to negotiate on price and terms this year, said broker Valance Steele with Compass, something that they haven't had the luxury to do, especially for single-family homes on the north side of the city.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Watch Bay Area storm LIVE coverage: Thunderstorms to hit parts of Bay Area this afternoonTree falls on Muni bus at intersection of Stockton and Sutter. ABC7 reporter LyanneMelendez spoke to the owner of the black SUV who said it was terrifying because of the live powerlines. No word yet if there were any passengers on the bus. CAwx
Read more »
Bay Area storm live updates: Thunderstorms hitting across Bay AreaA Flash Flood Warning has been downgraded to a Flash Flood Watch for the entire Bay Area until 4 p.m., according to the National Weather Service.
Read more »
Pitbull, Luke Bryan headline Put-in-Bay’s 2023 Bash on the Bay Music FestivalThe star-studded set list that’ll be putting on the island’s party of the summer is “part Miami, part Nashville, and all Put-in-Bay.”
Read more »
Bay Area storm: Over 92K customers without power, most in South Bay, PG&E saysPG&E is reporting widespread power outages on Tuesday, most in the South Bay, as a result of another storm that hit the Bay Area with more storms on the way.
Read more »
Bay Area storm: More than 18K customers without power, most in South Bay, PG&E saysPG&E is reporting lower power outages Wednesday as they continue to work across the Bay Area, but the number may rise as another storm comes in.
Read more »
Sophia Hwang-Judiesch Gets Top Job at The Bay and Hudson’s BaySophia Hwang-Judiesch has been appointed president of The Bay and Hudson’s Bay, the Canadian e-commerce and store businesses, which are both part of the HBC portfolio.
Read more »