Over the past year, Bay Area homes have become an extremely valuable commodity, as buyers grapple not only with rising prices but also slim supply. For the period ending July 2013, the average months’ supply of inventory (MSI) for single-family homes across Pacific Union’s six-county Bay Area region was 1.6, meaning that there were only enough available homes to supply the market’s demand for slightly longer than six weeks.
Considering that an MSI of 5.0 – which translates to five months – is generally considered the sign of a balanced market, it’s safe to say we’re in the midst of a boom.
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