Bay Area Market Remains Competitive

Market News

Given the low housing inventory and sustained high demand it’s no great surprise to note the following trends:

  • The average property is receiving from two to four offers
  • 60% of homes are selling for more than the asking price
  • Down payments in San Jose and San Francisco were 25.2 percent and 22.3 percent, the highest in the country
  • Co-borrowers are increasingly being used, with San Jose leading the country at more than 50 percent of all home purchases

Nation’s Most Competitive Housing Market? Try San Jose

Market News

And San Jose is followed closely by San Francisco which is followed closely by Oakland.

According to data from March 69.6 percent of homes in San Jose sold for more than the listing price, while 66.7 percent of homes in San Francisco sold higher followed by 66.7 percent in Oakland.

The reason is simple: high demand and a continuously shrinking supply.

San Jose has seen it’s inventory decrease by 25.9 percent year-over-year while the median sales price rose 11.2 percent to $957,000. In San Francisco the inventory decreased by 14.2 percent while the median price increased to $1,185,000 and in Oakland the number of available home fell 12.7 percent and the median price rose 11.6 percent to $650,000.

The three most competitive housing markets in the US: San Jose, San Francisco, Oakland.