Market Report: Grab a Sweater for Fall Season Lows and Highs

Feel that chill in the air? That's the East Bay real estate market cooling a few degrees as part of a normal seasonal slowing trend.

Normal? What's that??

We didn't get to experience this kind of typical slowdown last fall or winter because we were amid a strange pandemic-induced home selling and buying frenzy. During any other year, the market usually cools when the kids go back to school, winter holidays approach, and rainy weather hits.

We think that's what is happening now. (No, this is not a housing bubble bursting, so relax.)

According to the most recent market data available for the East Bay cities we track, fewer homes were sold this September than the previous September 2020. Also, fewer sales were pending by month's end, which means we expect fewer closed deals in October, too.

Bad news for October home sellers? NOPE, because...

Sales prices continue to climb while buyer demand outpaces housing inventory.

Many competitive home shoppers are still out there, entering bidding wars for the limited number of properties on the market.

Here are some choice September sales stats for detached single-family homes:

In Castro Valley, where there were 32% fewer sales year-over-year, the median sales price still rose to $1.2 million. Oh, how quickly they grow up; we remember when the median was just $850,000 in 2019.
In Walnut Creek, the number of homes sold fell by 21%, while the median sales price hit $1.4 million, up 18% year-over-year.
Berkeley was one of the few cities that stayed super busy in September, with 47% more homes sold year-over-year for a median of $1.65 million. If you were bidding on a house here, chances are you bid over the list price; 21% of homes sold over the advertised price.
In coveted Moraga, the median sales price jumped to $2 million, a nearly 40% increase year-over-year.