Market observers think that the bottom of the market was three months ago. In Oakland CA, this may be the case.
GET THE PICTURE!
Months supply of inventory
Some seasoned real estate professionals and observers say that when the months inventory is less than six (6) months, it is a seller's market. In Oakland, that inventory is less than two months, and is the lowest it's been in two years. Are we there yet?
Median sold price
Astute investors always advise "Buy low, sell high." In Oakland, for data on detached single family homes, the median price saw a drop of 69% from $616K in Sept 2007 to $191K in Sept 2009.
Supply and demand
Supply of homes for sale declined by 52% from Sept 2007 to Sept 2009, while the number of properties for sale showed an upward movement by 156% during the same period of time.
If buyers are waiting for the price to drop, they should keep a close look at the dwindling number of homes for sale compared to an increasing number of buyers. They may NOT see the price dropping much more than they have already since a sellers market may be emerging.
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Pacita: Did you ever think this market would be the way it is today? It is amazing ... as challenging as it is to be working in this market, I am grateful for the experience and all the knowledge that comes with it.