Ho-Ho-Ho! Happy Holidays, everybody! I thought this would be a good time to bring some holiday cheering up news… for you potential buyers as well as sellers in today’s real estate market!
202o has been a year unlike any other and there is some good news… a little bright spot(?) for buyers who are persistent and determined NOW to lock in that low interest rate and to become homeowners in 2021.
Click here to see the video and scroll below to see the slide show.
It’s the Weekly Update look at real estate activity in the five SF Bay Area counties (San Mateo, Santa Clara, Santa Cruz, San Benito and Monterey). Take a look at the contrast between 2019 vs. 2020 (March 1st – Aug 22nd) and how far we have bounced back from SIP looking at May, June and July differences between the years. In July 2019 we had a total of 2,757 Closed Sales, but July 2020 we had 3,134 Sales, that’s a 13% Year over Year difference.
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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you informed on the real estate landscape, it includes sold homes, new listings, Transactions Fell Through (TFT) and withdrawn homes.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
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