Michelle Kim | June 11, 2024
Months of Supply Inventory (MSI) quantifies the supply/demand relationship by measuring how many months it would take for all current homes listed on the market to sell at the current rate of sales. The long-term average MSI is around three months in California, which indicates a balanced market. An MSI lower than three indicates that there are more buyers than sellers on the market (meaning it’s a sellers’ market), while a higher MSI indicates there are more sellers than buyers (meaning it’s a buyers’ market). MSI trended higher in the second half of 2023, hovering between a balanced market and a sellers market. In January and February 2024, the North Bay market MSI continued that trend, but in March and April, MSI fell, indicating the housing market now favors sellers. The only exceptions are single-family homes in Napa and condos in Marin and Napa, which were balanced.
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Quick Take: Median sale prices throughout the North Bay have remained fairly strong, with little deviation from their long-term averages. Inventory has fallen by a con… Read more
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