Yes. The craziness is expected to continue. I’m including an excerpt from a post by the California Association of Realtors, which quickly explains the current real estate market and its forecast…
“In C.A.R.’s newest market indicator of future price appreciation, Market Velocity Index – home sales relative to the number of new listings coming on line each month to replenish that sold inventory – indicates that price growth will continue to accelerate, potentially back into double-digit territory, as it reached its highest level [this July] since 2013. At an index of 71.0, there were far more home sales than new listings to restock statewide inventory, leading to a deterioration in the number of active listings. With demand still running high, the elevated pace of home sales will likely persist through the fall.”
We’re also seeing a lot of multiple bidding situations and all cash buyers (especially on the west side) right now.
In short, it’s still a strong seller’s market.