The Bay Area has just endured its lowest high season in more than a decade. reveals that not only were overall Bay Area real estate sales statistics bad for October, they were actually historically bad. The 11-county greater Bay Area had the lowest number of home sales in October since 2007, Compass Chief Market Analyst Patrick Carlisle said.
Carlisle said unsold inventory is also running much higher for ultra-luxury homes — over 11 months of inventory for listings priced $10 million-plus — indicating the development of a buyers' market in that segment.according to the report The general trend of cooling demand and declining sales extended across the region, Carlisle said, noting that after years of holding the balance of power, sellers have reacted to the changing circumstances with increased price reductions since spring and delisting homes from the market without selling.
"The market is in a state of reset for a new normal. And as always, when we are not in a high market, properties with blemishes whether location, floor plan, etc., can be hard to sell — and need to be discounted below the discount for good properties," said Compass agent Karen Mendelsohn Gould."All of these early sellers are setting the pricing. Now with pending layoffs in the tech sector coming — that could have an impact but I think it will be at least 6 months before we see it.
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