Bay Area – Sellers Market in May

Rising prices and low inventory contributed to below normal home sales in the Bay Area dying May, 2014, according to the San Jose Mercury News. In fact, home prices are now at their highest level in the Bay Area since November, 2007. The potential buyers are still plentiful but many are discouraged by multiple offers above the asking price.

According to Marilyn Cunningham, president of the Contra Costa Association of Realtors, she’s seeing an increase in listings of homes for sale two weeks into June, but many of these homes are being bought so quickly that inventory remains low. And prices keep rising, she added.

May is usually the beginning of the home-buying season, but low inventory and high prices have sales of all types of homes in the Bay Area down 7.5 percent from 2013, and 17.4 percent below the May average going back to 1988, according to the real estate information service DataQuick.

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