Happy new year! One of my resolutions is to get back to my monthly newsletter so here we go! Our CEO, Robert Refkin, is exclaiming that Q4 of 2022 was the bottom of the real estate market and here are some examples why...
- 25% increase in weekly mortgage applications - Mortgage rates continue to move down to a 4-month low - In the last quarter of 2022, 42% of sellers were giving concessions to buyers at a closing table, a 10-year high - Home builder sentiment improved for the first time in 1 year - Increase in buyer interest, open house traffic and offers -Pending closings were down 30+% at points in the Fall, but over the last few weeks we have seen pending listings in most of our markets nearly flat year over year
On a personal note, one of my listings that was taking some time to sell saw 5 private showings in one day and was in escrow with a great offer a few days after that. Buyer are out! Inventory is still low so there is still great opportunity for sellers and buyers in this odd market.
Always reach out for any of your real estate needs. |
L O C A L H I G H L I G H T
After at two year hiatus The San Geronimo Valley Lions Club's Annual Crab Feed is back! As a proud SGV Lion for two years now, I became the head of the Crab Feed Committee to insure this event came back for our community. It's our biggest fundraiser and supports many wonderful programs in the Valley like... - SGVCC Summer Internship Program - West Marin Senior Services - Lions Eye Foundation
- Kathmandu Budhigandaki, Nepal Lions Sister Club Enjoy fresh Dungeness crab, complimentary beer and wine, pesto pasta, salad and sourdough bread. We will have a silent auction and raffle. Tickets are limited! Purchase them here. |
M A R K E T S N A P S H O T |
In 2022, the market saw a dramatic shift from Q2 (spring), at which time the market peaked after a dramatic 10-year upcycle supercharged at its end by the pandemic boom, through the 2nd half of the year, when the market cooled significantly. Prompted by a number of economic factors - especially inflation, interest rates, and financial markets - this played out in substantial declines in sales volumes, median sales prices and appreciate rates, and virtually all the standard measurements of buyer demand. Tens of thousands of Bay Area homes continued to sell in the 2nd half, a considerable, but declining percentage still selling quickly at over asking price. On the other hand, some buyers are making the best deals in years. For sellers, pricing, preparation and marketing are now critical, while buyers shouldn't hesitate to negotiate aggressively, especially in homes with longer days on market.
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Read the rest of the report here. |
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Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
Photos may be virtually staged or digitally enhanced and may not reflect
actual property conditions.
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