At least five properties have had multiple offers in the past two weeks. A listing of mine had over 16 realtor showings in three days. A listing in Pleasanton Valley had an open house with over 45 people through. Yes I would call this a little surge although if we take a closer look it is not a complete market surge. All of these properties were under $800,000. The lack of inventory has caused a situation where there are more buyers than sellers right now. The inventory has a 2.7 month supply which technically means it is a buyer’s market.
The inside scoop is that buyer’s are not paying over list price. In fact of the five properties none of them sold for over list price and only 2 of them sold at full price. So buyers are not in frenzy and have an easy come easy go attitude. This is nothing like we saw from 2000-2007 where buyer was offering way over list price. Today’s buyer is very patient and is definitely not over paying for anything.
In a nut shell there is a surge in the market under $800,000, but it is in small doses. The inventory should increase in the next few months and buyers should have more to choice from. With amount of buyer out there the new inventory may go quickly. What we have learned in recent activity is that buyers are going to not over pay and they will be patient.