Can you believe it is the middle of June?! As we find ourselves in dynamic times, housing market momentum is picking up speed! In our weekly market update, we wanted to highlight a few key facts and figures to give you an overview of the state of the market. While much of the data below reflects national averages, please feel free to reach out with any questions you have about our Silicon Valley micro markets. We currently have two properties pending and some very excited sellers!
Price & Demand Data Drop
| The median price for a single-family home is up more than 7% compared to this time last year (excluding new construction).
| Two-thirds of potential buyers who have attended open houses in the last 12 months have reported they would continue to tour homes today ‘without hesitation’.
| The NAR® Housing Market Recovery Index indicates that demand and prices are fully recovered nationwide, while supply and pace of sales have room for improvement.
| Homebuyer demand is 25% above pre-pandemic levels.
| National list prices are up 9.9%.
| Multiple offers and bidding wars have become the norm rather than the exception; online views on the first day of a listing are hitting figures that used to reflect a week’s worth of virtual interest.
Resources Used & Further Reading:
Realtor.com: Weekly Economic and Housing Market Update
Please do not hesitate to reach out with any question s at all about how the current market trends may impact your own short and long-term real estate goals. 2020 may not be a year of smooth sailing – but we believe you CAN reach your destination with the right support! 😉
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/