The pace of the East Bay real estate market slowed slightly but remained strong in the third quarter of 2016. Low inventory remains a constant trend with the number of homes available for sale holding steady around only a one month supply.
The East Bay continues to draw buyers from around the around the Bay Area attracted by the region’s booming cultural scene, appealing climate, and relative affordability, compared to some other regions in area. The lack of supply continues to fuel price appreciation with all areas posting gains in average sales price quarter-over-quarter.
While buyers seem to be taking more time and are less eager to enter into bidding wars, we are still seeing desirable homes in prime locations obtain multiple bids and sell over asking price. We expect to see more inventory become available as we enter into the fourth quarter and for the East Bay market to remain strong.