Good morning! Every Tuesday morning (even while we are still sheltering-in-place) we gather together for a sales meeting with Joe Brown, our fearless leader in Intero Willow Glen and COO of INTERO Real Estate Services. In those meetings we discuss what’s happening in the Santa Clara, San Mateo, and other counties, but here in this Zoom screen capture we can see the data from Active Single Family Residences (from Feb 28 – May 31) our 2020 Active listings (in red) is in between the years 2019 (in yellow) & 2018 (in blue). Housing prices tend to increase when there’s limited inventory and in 2018 it was our record banner year in terms with multiple bidding wars driving up list prices. Looking at Pendings for Single Family Residences (graph on the right) we see 2020 year (in red) taking a giant dip between April and May, caused by the pandemic. Noticeably good news is that the pendings have been increasing and catching up to 2018 & 2019 numbers!
When we combine the 5 Bay Area Counties – What do we see?
Since sheltering in place (March 16th) we’ve seen very dynamic changes in all real estate transactions (Solds, Listings, Contingenies, Pendings, TFTs, Cancelled, and Withdrawns).
Comparing 2019 timeline to 2020 (June 1st) we are seeing a 37% difference in sold properties and still a 45% difference in pendings compared with last year’s pendings. But it won’t be long for those pendings to catch up to the 2019 & perhaps the 2018 data as shown above! What does this mean? It could mean that we might be heading back to more multiple offers considering the lack of new inventory.
In the LISTINGS AND SOLDS we see a gradual increased amount of new listings and we hope to expect those sold homes numbers to increase (with a 28-30 day delay for escrow).
In May we started to see more new listings and as owner occupied homes are now able to be shown (following the CDC guidelines of touring properties with their agents) we will see more interest from the buyers. Still, it is very desirable for listings to have a virtual presence (virtual tours and video open houses) as we have now pivoted into a new generation of home buying since Covid19 has taught us that buying property or searching can be easily shown at the comfort of one’s own sofa! (Ask me about the benefits of having a Virtual Real Estate Advisor)