The current real estate market in the Bay Area favors sellers.
It’s a sellers’ market across the Bay Area, with buyers in April snapping up properties in all six counties, especially Marin. In Marin County, more than 48% of homes on the market had sales contracts in place at the end of April.
Also, a full 77% of the homes priced between $100,000 and $500,000 were in contract, with 58% in contract for homes priced $500,001 to $750,000, and 49% in contract for homes priced $750,001 to $1 million.
San Francisco had 40% of its homes in contract, with 1,029 homes priced between $100,000 and $1 million, and 236 priced between $1 million and $2 million. There were 97 priced between $2 million and $4 million, and 36 priced above $4 million.
Generally, a housing market favors sellers when more than 35% of homes are in contract, and a buyers’ market is indicated when less than 25% are in contract. A market is considered balanced when 25 to 35% of the homes are in contract.