Despite seasonal downward trends, the Bay Area real estate market is getting even more competitive, with the number of homes on the market for only two weeks rising approximately two percentage points in the last month. Although Redfin expected the market to trend down due to the government shutdown and general wintery trends, buyers in the Bay Area are actually snapping up homes faster than expected.
However, they're not buying any faster than buyers last year. 48.9% and 43.1% of homes for sale in San Jose and San Francisco (respectively) are going in two weeks or less as of October 2013; and while these numbers may seem high for winter, they are actually down from the 54.3% and 46% average in October 2012.
Translation: the Gold Rush is most certainly on, but perhaps (marginally) fewer people are willing to commit to real estate purchases, rather than rental agreements, than last year.
· Home Buyers Sustain Pace in October with 28 Percent of Homes Selling in Two Weeks or Less [Redfin]