Market Report: Inventory and Sold Prices Rise in Several Cities in May

Market Report: Inventory and Sold Prices Rise in Several Cities in May

Historically May is one of the busiest months in Real Estate and though 2023 has been a relatively slow year compared to the last few, this year is no exception…May was the busiest month so far.

You may be hearing elsewhere that prices are down, inventory is down, etc… and that is true if you compare it to this time last year. However, the way we see it, comparing May 2023 to May 2022 is like comparing apples to orangutans. All real estate is local (or hyperlocal, in the case of the Bay Area) and one size doesn’t fit all. If the trends you're reading are general, there will always be exceptions based on local conditions.  

In half the cities we track, median prices are on the rise. In addition, in Alameda County the Albany, Berkeley, El Cerrito pocket is setting a new trend with the Albany sales price averaging 41% over the list price! June seems to be heading in that direction as well. 1052 Evelyn Avenue, represented by Albany specialists, Krista Miller and Rosie Papazian, saw very heavy open house traffic and is pending after multiple offers in 2 weeks.

In Contra Costa County, Walnut Creek is setting the pace at 13 days on market, 6% over list and the median price is on the rise. 107 Gordon Road, listed by the Linnette Team, had a whopping 20 offers! 

As you’ll see below, inventory is edging up in most of the cities we track as well. If you’ve been thinking of selling, don’t wait and find yourself up a tree with the orangutans, contact your abio agent today for a free market analysis.