The question! Are we in a seasonal or an adjusting market?
It’s a little early to say, but regardless it currently appears to be truly a tale of two markets.
The top end of the market may indeed have peaked mid 2015, but interest in houses currently varies from luke warm to red hot, with homes in the $1M-$2M range and in “latte factor” locations still exceeding the 2015 prices.
I’m not sure who tracks data for properties with ancilliary dwelling units, but the addition
of an “in-law” or “airbnb” potential in urban locations seems to increase the demand exponentially!
On the other hand, we are seeing ” still available!” ” an opportunity” ” no offers” in both the MLS and the agent publications many of us subscribe to.
Some of these homes are just priced too high to accommodate the still customary overbidding. Some are just priced too high.. full stop!
My recent listing at 1641 Josephine on a super desirable street in North Berkeley, appx half way between two Berkeley BART stations, the gourmet ghetto, Monterey Market and multiple restaurants and shops received 10 offers and will sell well over asking.
The expansion potential, potential for an in-law, great location, and good size yard all contributed to the popularity!
Close to everything!
Sellers invested money, we invested time and expertize in making it shine!
The market in general is likely to be settling, so sellers don’t dally too long, and buyers
it’s a good time to be out looking!