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)
Here are three different California cities’ listing volumes and how they vastly differ in recovery rates and timing. San Francisco may have recovered from their lows as well as San Diego but at a later, but deeper dip, quicker rebound. Look at the gradual decline of Sacramento which could indicate the popularity and movement of folks to more rural /less population dense communities within the state. Many markets are still at the bottom of the curve (see Mike DelPrete article), and some cities, like Phoenix and Denver, may not yet have hit the bottom.
Let me know if you’re interested in learning what your local market is doing.
I’m always here to assist with any real estate needs.
Lynne MacFarlane, MCDM, SRES
Realtor from San Francisco Bay Area to Monterey Bay
831.346.2743 text/voice anytime