2020 has been quite a year, and this summer has been a sizzling one… and real estate continues to thrive amidst it all! The Mercury News recently reported that “tight inventory and unstoppable buyers ignoring the economic drag of the Covid pandemic pushed Bay Area median home prices to near-record levels.”
Here is what that statement looks like by the numbers:
1 – Median SFR home prices have risen 8.6% in the Bay Area year-over-year.
2 – Home price gains have been the highest in Contra Costa & San Mateo counties.
3 – The median sales price of an existing SFR is $950K in the 9-county region in July.
4 – DQ News reports that home prices are pushing highs not seen since early 2018.
5 – The median home price in San Mateo County is now $1.6 million for a single-family home, representing a 10.3% jump compared to summer 2019.
The Mercury also reports some ‘common threads’ among home buyers as: people wanting more space, families looking to upgrade and retirees seeking safer, rural retreats. Another interesting note is that a contributing factor in overall Bay Area median home price growth has been the uptick in luxury home sales of $3 million and more.
“The Bay Area remains one of the strongest real estate markets in the nation,” according to The Mercury, “as high-paid tech professionals have benefited from record stock prices and low interest rates.”
Read The Article In Full Here: Bay Area Home Prices Climb On Strong Demand, Low Supply
If you have any questions about what the data above means for the value of your own home or the process of purchasing your next one, please do not hesitate to reach out: !
All my best,
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS,
REI, AHWD, RSPS, MSLG
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/