Q1 2023 East Bay Real Estate Market Update ⏰📊

11 Apr 2023 by Mark Fleckles

The East Bay real estate market showed resilience with a steady increase in the median home price up 17% from the same period last year. The market remained competitive, with new listings down 29% compared to last year and higher demand from buyers. As a result, well prepared move-in ready homes continued to sell quickly and often above asking price, with many properties receiving multiple offers. Overall pending sales volume was down 21% due to persistently low inventory. This is likely to keep home prices rising for the foreseeable future. As demand continues to outpace the supply of homes for sale.

What can we expect for the rest of 2023? The historically busy Spring season had a delayed start due to our extended wet winter weather. The coming weeks should bring buyers a bit more inventory to choose from. The wildcard will be interest rates which have been edging down recently. But we are likely to see more ups and downs in the coming months. It’s important to remember that even though interest rates are higher than they were at the beginning of 2022, they still remain low by historic standards.

Want help understanding how this all impacts your particular situation? 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.

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