Here's a summary for Fremont's Detached Home Sales Data for September 2023
Inventory: 56 units were listed for sale as of the last day of September - approximately 0.7 months of inventory.
Sales Activity: 87 units were sold during September
Median Sales Price: $1,700,000 during September
Average price per sq.ft. in September was $979
Average Days-on-Market (DOM) is approximately 12 days
Sold over Asking: On average, buyers paid 107% of list price in September
Median Sales Price has continued to rise and is 12.6% higher than one year ago.
Inventory, Pending and Sold. Supply of homes for sale in September 2023 is 50% of last September, in which had 112 units were active vs. 56 this year.
Sales Activity and Price Trends. Percent of sales in the entry level detached home market price segment ($1.3-$1.699M) remained the same as last year at 40.6%. There were more homes in lower price segments and fewer homes sold in higher price brackets than last year. People in higher price segments are not selling. Top three price segments have a 50% drop in unit sales compared to last year.
So the question on your mind is probably, When will inventory increase? What will cause it to increase?
People will sell when they decide they can't afford it, don't need it or tired of being a landlord. The cause of these voluntary sales would be layoffs, retirements, interest rate drops or increases and old age. Involuntary sales from, death, divorce and job transfer which represent most sales today will continue as is.
Charts courtesy of BayEast.org