Your Weekly Market Update - May 29, 2024

Good afternoon everyone!

Here is your last May weekly market update. As always, please let me know if you have any questions!
 
INTEREST RATES  - up from last week

• Conventional: 7.125% (depending on loan amount)
• Jumbo: 7.125% (depending on loan amount)
• FHA: 6.5%
• VA: 6.5%

 
REAL ESTATE MARKET SNAPSHOT
Note: I am including one more helpful data point below: Months supply of inventory (MSI) per county (specific cities may differ)
MSI: how many months it will take for the current inventory of homes on the market to sell given the current sales pace if no new inventory comes to market
- Under 5 months = sellers' market, because inventory is moving quickly
- 5-6 months = balanced market, healthy pace of new listings to sales
- 6+ months = buyers' market, because inventory is staying on the market

Alameda County as of 5/29/2024

• Months Supply of Inventory: 2.2 months: Sellers' market, because inventory is moving quickly
• # of New Properties on Market Last 7 Days: 382 (down from last week)
• # of Properties Under Contract Last 7 Days: 278 (up from last week)
• # of currently Available Properties: 1,964 (down from last week)
• Median Listing Price
  Single Family: $1.3mil (up from last week)
  Condos/Townhomes: $685k (up from last week)
  Multi-unit up to 4 units: $1.25mil (down from last week)
• Median Sold Price (last 30 days)
  Single Family: $1.38mil (same as last week)
  Condos/Townhomes: $770k (up from last week)
  Multi-unit up to 4 units: $1mil (down from last week)
• Median days on market: 11 (quicker than last week)
• Homes Sold in the last 7 Days: 185 (down from last week)
• Homes Sold in the last 30 Days: 897 (down from last week)
   

Contra Costa County as of 5/29/2024

• Months Supply of Inventory: 1.7 months: Sellers' market, because inventory is moving quickly
• # of New Properties on Market Last 7 Days: 318 (down from last week)
• # of Properties Under Contract Last 7 Days: 247 (up from last week)
• # of currently Available Properties: 1,623 (a little up from last week)
• Median Listing Price
  Single Family: $977k (down from last week)
  Condos/Townhomes: $614k (down from last week)
  Multi-unit up to 4 units: $539k (down from last week)
• Median Sold Price (last 30 days)
  Single Family: $950k (up from last week)
  Condos/Townhomes: $643k (down from last week)
  Multi-unit up to 4 units: $865k (down from last week)
• Median days on market: 11 (slower than last week)
• Homes Sold in the last 7 Days: 188 (down from last week)
• Homes Sold in the last 30 Days: 925 (down from last week)
   

Marin County as of 5/29/2024

• Months Supply of Inventory: 2.25 months: Sellers' market, because inventory is moving quickly
• # of New Properties on Market Last 7 Days: 60 (down from last week)
• # of Properties Under Contract Last 7 Days: 69 (down from last week)
• # of currently Available Properties: 520 (down from last week)
• Median Listing Price
  Single Family: $1.9mil (down from last week)
  Condos/Townhomes: $735k (down from last week)
  Multi-unit up to 4 units: $1.7mil (down from last week)
• Median Sold Price (last 30 days)
  Single Family: $1.9mil (same as last week)
  Condos/Townhomes: $928k (up from last week)
  Multi-unit up to 4 units: $1.3mil (down from last week)
• Median days on market: 15 (slower than last week)
• Homes Sold in the last 7 Days: 54 (down from last week)
• Homes Sold in the last 30 Days: 231 (down from last week)

If there's a specific city you would like to know about, please let me know!

Wishing you all a wonderful week and weekend ahead as we head into the glorious summer months!

Best,
Basak