Low Inventory but Market-Ready| Bambace Peterson Team | Blog | The Bambace Peterson Team

We are seeing a marked change with a slowing of buyers. Some of this is seasonal but most is based on economic factors of rising interest rates, stock market volatility, inflation and policy uncertainty.

But interestingly, we are seeing a trend of current owners and residents looking for new homes in the community (both from our clients and other agents buyers looking at our listings). These buyers are invested in our market, believe in our area, and are looking for an upgrade. Comparing notes with our colleagues in other areas (Aspen, Jackson Hole, Newport Beach, Kona) they are seeing similar trends.

Below you will find more information on:

Bay Area Market Survey
Real Estate is Hyperlocal

While the days and market might seem cooler, there are always bright spots. And we know that after the clouds and storms, the sun always comes back out. We live in a fabulous place and it's a fantastic time of year. We look forward to connecting with you soon.

Cheers,

Mark & Dana

Bay Area Market Survey

Affected by interest rate increases and financial market volatility, the month of October saw a cooling in sales. Usually a busy time in Bay Area real estate, October 2022 sales hit their lowest month-of-October numbers in over 10 years, and for most counties it was 15+ years. Some of this was also based on lower supply as seen in this chart. The new 52-page report looks at Bay Area markets from many angles, including differences in inventory levels and days-on-market by price segment.

Real Estate is Hyperlocal

Pebble Beach Homes Sold

The market data regionally helps us understand the overall context of macroeconomic and regional factors. Monterey County October monthly sales were also the lowest since October 2007. However, each market and neighborhood is hyperlocal. And the current market pulse is not captured in past sales data. Here is an example for Pebble Beach.

Home sales were low for October 2022 - 5 homes
Inventory continued to drop in October 2022 - 20 homes
The number of homes in escrow was at a 12 month high (not reported in current sales data) - 11 homes

That current market snapshot is different than you hear in the regional or national media.

What is going on with your market? See the market reports for seven markets here or schedule a consultation with us.

Pebble Beach Inventory

Pebble Beach Homes In Escrow

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