Here’s my latest vlog post – I hope you and your family are doing well, staying healthy.
One of the first trends that became evident when quarantines began was the large number of young professionals who had gone home to wait out the virus with their parents. Having left the cities where they work and return to their hometowns, many of these young people may not go back. If the work-from-home situation continues – or if their jobs are eliminated – they might find themselves moving back home for good. This may be one of the factors to my discussion here on this post.
As the quarantine lifts, what are the potential market shifts and migration patterns in the SF Bay Area will we see?
Let me know if you or someone you know is interested in making a change (moving to a bigger home with more office space, multi-generational living, layout changes, bigger garden or fresher outside living at the oceanside.) I’m always here to help you make informed, knowledge-based decisions in the shifting markets!
There is a record nine year high in the number of homes on the market in S.F. as it continues to represent 60% more inventory than at the same time last year and 110% more inventory than in 2015 (according to http://socketsite.com/archives/2020/06/most-homes-on-the-market-in-san-francisco-in-nine-years.html)
Looking at today’s Santa Clara County inventory we’re seeing some ‘normalization’ as we are approaching mid-June.
Looking locally at Santa Clara County, here’s a comparison of the last two years with this year’s Active and Pending listings. Blue indicates 2918 (which was a banner year, partially due to the low inventory), Orange indicated last year 2019 and today 2020 in Red.
Pendings in Santa Clara County SFR took a big dip, pandemic related but the good news is that in June we’re quickly rising and catching up to 2019 and 2018 numbers. (See below)
From MLS/Aculist I pulled the latest data (June 16th) taken from the 5 Bay Area counties (San Mateo, Santa Clara, Santa Cruz, Monterey and San Benito) for New Listings (yellow) & Sold Homes (blue) from March 16 – June 15th.
As indicated, once we could begin showing properties the listings increased. (See below graph)
Here is a market snapshot from May 2020 comparison to last year’s May 2019 for single family homes and condo and townhouses.
**If you are interested in receiving market data in your neighborhood, let me know, I’m here to assist you with explaining what’s going on in your community.
Lynne MacFarlane, MCDM, SRES
Your Link Between SF Bay to Monterey Bay
PFAC Silicon Valley affiliate
The San Francisco Bay Area real estate market had begun to rebound in the first two months of the year 2020, with strong buyer demand, often with multiple offers, after a flattening of prices in 2019. But the shelter-in-place (SIP) and stock market tumble caused by uncertainty of the pandemic slowed listings and sales.
Just last week real estate agents and other professionals who are deemed as ‘essential workers’ are allowed to work with the CDC guidelines. With these new strict guidelines real estate agents can not show open houses, give tours and must not show homes with sellers who are still residents of the property. Empty residential properties can be shown with a single agent and with only two prospective buyers. Virtual tours using video (real-time or recorded) is highly encouraged (more on Virtual Agents here).
As one can suspect, this has caused much disruption in the buying and selling of homes but it has not prevented sales by any means! Here’s a snapshot of the most important metrics to keep you informed on the real estate landscape, it includes sold homes, new listings, Transactions Fell Through (TFT) and withdrawn homes. These graphs are gathered and summarized for all five MLSListings’ Counties (San Mateo, Santa Clara, Monterey, San Benito and Santa Cruz Counties) by Aculist/ MLSListings.
Interesting to note is that despite the fact that there is a -25% difference between last year and this year’s new properties on the market, there is -14% difference of sold. This could be because it usually lags 30 days (entered escrow around that time). But not surprising we see an increase of TFT (40%), cancelled (34%) and withdrawn (87%) from last year.
Here we see a big difference between the new 2019 listings in blue vs. the new 2020 listings in orange after SIP.
Here we find a fairly regular pattern between the sold listings in 2019 vs 2020 (by the week). It will be very interesting to note what will happen in the next two weeks.
Until then we wish you good health and take the necessary precautions to keep you and your family well!
Questions? Text me if you have any plans on selling, buying or investing in 2020. Feel free to ask for a complimentary market analysis and we can discuss your needs!
(831) 346-2743 text/voice anytime
If you want to know what’s going on in the market, sign up here!
Even if you are not buying any properties until the dust has settled, make sure you are still being informed with your realtor. Data below includes sold homes, new listings, Transactions Fell Through (TFT) and withdrawn homes are gathered here summarized for all five MLSListings’ Counties in this graph.
Homes are still being sold and new listings were 24% less than last years. Biggest drop is looking at withdrawals (homes being taken off the MLS) we see a 87% decline comparing last year’s number. With this tighter inventory this means less competition for qualified buyers that are in the market now. For buyers, there are still a lot of homes being sold, only a negative 12% dip from last years homes that were sold in these 5 Bay Area counties.
These withdrawals do not include pocket or off-MLS listings which we have available for our clients only.
– At Intero, the largest brokerage in the SF Bay Area, we can provide opportunity for some who have been squeezed in a previously tight market with private listings so you can take advantage of low mortgage rates.
Feel free to discuss & schedule a Zoom meeting, I’d love the opportunity to share my inside knowledge with you! Be well & let me know if I can assist in any way.
Lynne (831) 346-2743 text/voice
2019 concluded with median sale prices up year-over-year in every MLSListings county except for Santa Cruz. The number of homes sold in December 2019 saw double-digit increases in all counties versus last December, while inventory was down compared to December 2018 (and month-to-month) across the board.New listings also fell in all five counties in comparison to both last month and last December. Meanwhile, the actual price paid versus list price hovered around 100% in every county, from a high of 102% in San Mateo to 97% in Monterey.
** If you’re interested in receiving a property analysis of your home don’t hesitate to call or email me!
LYNNE MACFARLANE, MCDM, REALTOR
INTERO | A BERKSHIRE HATHAWAY AFFILIATE
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Extremely low ⬇️inventory in the #santaclaracounty and #SanMateoCounty With this severe shortage of homes, home sales are surpassing inventory – it’s upending the sales calendar for the whole housing market (see the slides) ➡️. Spring has historically been the busiest buying season, but as competition for homes heats up across the counties, January is the new April! #MontereyCo has its seasonal dip in inventory in the market, and #santacruzcounty has less inventory than Monterey but not as severe as the Bay Area. – If you’re considering to sell in 2020 in #SantaClara #Campbell #LosGatos #Sunnyvale #MountainView #SanJose, NOW is the best time to put it on the market bringing TOP dollar. Low inventory means less competition if you want to sell. If you know someone who’s considering to move, Im never too busy to help explain what’s going on in the market and to provide advise and specific reports to make strategic decisions. – Never too busy for referrals and to help you through the process. Thanks for your trust in me as your realtor advisor! #SFbayArea #SiliconValleyRealEstate #SpringBuyersAreHere #Monterey #SantaCruz #Capitola #Aptos #Watsonville
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Here’s an always up-to-date Market Trend report of Saratoga Condos/Townhouses for my clients, click here.
Saratoga is a prestigious suburb of San Francisco with a population of 31,013. Saratoga is within Santa Clara County and offers one of the best public school districts (Niche.com). Living in Saratoga offers residents a suburban feel and most residents own their homes. In Saratoga there are a lot of restaurants, coffee shops, and parks. The public schools in Saratoga are highly rated. Here’s more information about Saratoga from City-Data.
Least Expensive Condo in Saratoga sold in April – 19305 Vineyard Lane Saratoga, CA 95070
2BD/1BA, 948 SqFt, 1320 SqFt Lot
List Price: $724,888.
Sold Price: $710,000. (April 22, 2019)
Most Expensive Townhouse in Saratoga sold in April – 18855 Brookside Ct Saratoga, CA 95070
3BD/2.5 BA, 2256 SqFt, 2114.0 SqFt Lot
List Price: $ 1,798,000.
Sold Price: $2,010,000 (May 18, 2019)