Don't Believe the Hype: Why the Housing Market Remains Strong for Sellers
Doom and gloom headlines about an impending housing market crash seem to pop up every day, but don't let the clickbait fool you. Instead of buying into the fear-mongering, let's analyze the actual market data to gauge the true health of our local real estate landscape.
Here in San Jose, barring the second half of 2022, home prices have consistently risen over the past two years, while Days on Market (DOM) has remained below 14 days for the last 14 months straight.
Even when mortgage rates hit their highest levels in over 20 years, buyer demand remained robust due to the persistent shortage of inventory that plagues our market to this day.
The rising list-to-price ratio and declining DOM are telltale signs of a fiercely competitive seller's market characterized by bidding wars. Currently, single-family homes are selling at a staggering 110% of list price with an average DOM of just 7 days, while condos and townhomes command 104% of asking, flying off the market in a mere 9 days.
Until we find a way to meaningfully increase housing supply, prices will likely continue their upward trajectory, fueled by eager buyers snatching up every new listing that hits the market.
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