The SF Gate recently posted an intriguing Q&A with local agents on how Bay Area real estate trends now compare to what was happening at this time last year. If you think prices are way down and buyers have fled the market – it might be time to think again!
In general, market demand is ‘exceptionally high’ – likely on account of historic low rates, a volatile stock market and a very uncertain election on the way. Volume is down as COVID-19 impacted many situations and desires to list, but prices are up because demand is high.
Here are the actual year to year stats…
| The California Association of Realtors® reports that SF Bay Area median home prices are up 4.2% year-over-year, and have risen 7.1% year-over-year in San Mateo County.
| Year-to-year sales are down -7.8% in the SF Bay Area and -11.2% in San Mateo County; less inventory means less sales of course.
| Last year there were public open houses and set ‘marketing periods’ – this year there are none. Virtual tours and private showings requiring pre-approvals are now ‘in’. Yet agents report that most houses are selling within days and not weeks.
| The sales-to-list price ratio is now 100% in the SF Bay Area and San Mateo County. Last year in the same time period, the figures were the same (100%) for the Bay Area, and 102% in San Mateo.
| With regards to price per square foot, SFH’s are selling for $568/sq. ft. compared to $524 last year in the SF Bay Area, and $1,000 sq. ft. now vs. $995 last year in San Mateo County.
| Also last year, March and April were the ‘hot’ months which this year were marked by the shutdown, so our traditional ‘spring’ selling season is heating up in summer.
I hope you enjoyed a little good news when we compare this year to last year. There are silver linings, and the concept of home has become more important than ever. I know that we are more than grateful for ours…
Bobbi, Buddy & Honey B
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/