December 21, 2022
As we near the end of 2022, the market is very similar to what we usually see at this time of the year, with very low inventory levels and little buyer activity. These conditions will likely continue through the better part of January or early February, when we typically see listings begin to come on the market, along with an increase in buyer activity.
Here’s an overview of the current active inventory levels, with the average number of days on the market in parenthesis:
Pleasanton: 46 (47) – Dublin: 47 (50) – Livermore: 60 (51)
San Ramon: 45 (57) – Danville: 68 (74) – Alamo: 19 (68)
Rates have come down from the highs reached in October despite the Fed rate hikes in November and December. Concerns of an impending recession are growing. Some of those who share these concerns predict that the Fed will be forced to reverse course in 2023 and have to cut rates again to strengthen the economy. If rates do come down again in 2023, it may be an opportunity for those purchasing now to refinance their loans into lower rates, and it could also boost property values as more buyers return to the market. In the meantime, some buyers are considering interest-only loans or other creative financing options such as buy-downs to offset the higher rates and help with affordability in the short term until rates go back down and they can refinance into a lower long-term fixed rate.
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