December 2022 East Bay Real Estate Market Update ⏰📊
13 Jan 2023 by Mark Fleckles

December 2022 East Bay Real Estate Market Update ⏰📊

2022 saw a significant shift in the real estate market as the Fed began raising interest rates in the 2nd quarter of last year. This caused a large number of buyers to pull the “emergency brake” as they saw their anticipated monthly mortgage payments jump significantly and their affordability plunge. This resulted in homes staying on the market much longer (for Dec 2022 days on market in the East Bay averaged 43 days – up from an average of 20 days in Dec 2021). And those steadfast buyers who remained in the market found more choices and less competition during the 2nd half of 2022. Sellers had to readjust their expectations and we saw a rising trend of price reductions and seller concessions to buyers.

What can we expect in 2023? Despite all of the doom and gloom predictions and click-bait from the mainstream media, home values remain relatively stable overall. Yes buyer demand has retracted from the pandemic frenzy which combined high demand with super low interest rates escalating prices at a heated pace. But with fewer new listings expected to hit the market this year, we will continue the shift into a more balanced market.

Want help understanding the impact in your neighborhood or area of interest? Email me mark@bayareamodern.com or give me a call/text 📞 510-967-6169 and let’s chat!

Mark Fleckles

Mark’s passion is listening to his client’s needs and guiding them through the often complex and emotional process of buying or selling a home. His excellent client focus is demonstrated through strong attention to detail, consistent communication, and remaining calm under pressure to ensure a positive experience for all parties involved. Mark is always ready to go above and beyond to exceed expectations – from finding the right home to match his client’s tastes and needs, to consulting for home presentation and marketing to ensure maximum selling potential. As a real estate investor since 2002 and now top real estate agent, Mark provides real estate services in Oakland, and the surrounding East Bay Area. Mark’s specific areas of expertise include working with first time homebuyers, investors, sellers, and 1031 exchanges. Outside of real estate Mark enjoys traveling, hiking, bicycling, and the varied food and cultural experiences of the Bay Area.

5.0
40 Client Recommendations