Here is another positive sign that the East Bay real estate market is starting to pick up. Current months of inventory is down 25% compared to thirty days ago, per attachment.

The micro-markets continue to have large variations. Orinda at 3.33 months and Hayward at 18.88 months. Overall for the twenty-six East Bay communities we follow, 10.33 months of inventory, still a buyer?s market.

This window of opportunity for buyers may be starting to close. There is no better time to buy than now. With interest rates below 6% for thirty year fixed conforming loans ($417,000) and the conforming limits most likely to be raised substantially by Congress soon just enhances this opportunity.

For the year 2007 the fourteen communities in CCAR, average prices were down approximately 4% & transactions off 16% compared to 2006.

Real estate is a local business, but for your information, the national sales figures for 2007 were just reported by NAR. Existing single family home sales were down 13% in 2007 on top of an 8% decrease in 2006. Median price for 2007, $217,800, down 1.8% from 2006, the first national decline in 75 years.

We have been experiencing the results of the out of control speculative and frenzy markets of ?03, ?04, ?05, that has created this buying opportunity.

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