This month I wax nostalgic, then prophetic but not apocalyptic but not euphoric either.
The Bay Area has four of the twenty hottest real estate markets nationally, according to realtor.com. Another top-twenty metro is just south of us, and three others are also located in the Northern California region. Or, as some are starting to call it, the Northern California Megaregion.
“Northern California had a strong start to the Spring home buying season notwithstanding low inventory. The housing market continues to experience an abundance of buyers, and in most cases, multiple offers on reasonably priced listings. New listings continue to come on the market, but not at a rate that meets buyer demand.”
“Northern California continues to experience a healthy sellers’ market with median and low priced properties and, in some areas, with reasonably priced luxury properties. Due to the limited inventory and high demand for median priced properties, most reasonably priced listings receive multiple offers above asking price.”
“Coldwell Banker Northern California has unveiled the Coldwell Banker Global LuxurySM program [of which your humble correspondent John Fyten is a member], reflecting the interconnected world of luxury real estate. Coldwell Banker Global Luxury showcases luxury properties to an international network in 49 countries and territories and effectively retires the Coldwell Banker Previews International name.”
“As the first quarter of 2017 comes to a close, California continues to show an abundance of active buyers throughout its markets while dealing with consistently low inventory. Reasonably priced homes spend minimal days on the market, often having received multiple offers, while overpriced homes are taking longer to sell.”
“California continues to deal with limited listing inventory, which is resulting in an increase in buyer interest, attendance to open houses and multiple buyer offers.”