Overbidding is no longer the norm it once was.
is also no longer the norm. The percentage of home buyers paying over the list price was down to 31% last month, the lowest it’s been since 2012. That number was at 73% in April 2022.
These are all evidence of the slowest period in the Bay Area housing market in more than 14 years, according to Compass' chief market analyst, Patrick Carlisle. Both are lagging indicators, though, and November to January are typically the slowest months of the year for residential real estate sales, with a kick-off to the new season hitting around Super Bowl weekend. Carlisle said he’s hearing anecdotally that conditions are already picking up. “Open house traffic has jumped, more buyers are requesting listing disclosure packages, and there have been increasing reports of multiple offers and overbidding of asking price,” he wrote in the report.
Still, interest rates have begun ticking up again in February. “Too many economic conditions are still uncertain,” he said. “We’re waiting to see, will this rebound and recovery have legs that are helped by the stock market and interest rates, or will something happen in the economy that takes the wind out of the sales?”also reported a much slower January for the San Francisco market. Home prices were down 8.3% year-over-year, and just 208 homes sold in January, down from 317 in 2022.
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