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)
As a Senior Real Estate Specialist (SRES), part of my expertise is to introduce features of a home for “Aging in Place” to prospective clients. I often introduce local businesses to clients which can extend living at home longer. As we all shelter in place, we’re learning that the senior population requires more care and assistance during this pandemic. It’s necessary to learn what resources are available to fit you and your family’s needs during this time of crisis. In this video, I interview Leslie Kefer, Director of Home Instead, covering the San Francisco Mid-Peninsula (Belmont, San Carlos, Redwood City, Palo Alto and Mountain View); she explains the process of hiring a professional caregiver and what necessary precautions it takes to continue business during shelter in place.
If you have any questions about caregiving needs, please reach out to either Leslie or me.
Leslie Kefer, Home Instead Senior Care (650) 691-9671
Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley Affiliate
Intero | A Berkshire Hathaway Affiliate
phone 831.346.2743 mobile
lmacfarlane @ Intero.com DRE# 02066698
Local small businesses are struggling.
The once bustling Donut Station was the morning spot for parents to stop and buy boxes of donuts for schools, churches, work.
I know through personal experience, bringing a pink box of a dozen donuts for colleagues to take ‘over the hill’ makes people’s day a little brighter, especially when they see that they’re from my beach community of Capitola!
While these shared food items were once frequently gifted, sheltering in place has created a difficult environment, even for items that were always take-out.
I hope you will have an opportunity to visit Donut Station in #Capitola. Hope you enjoy my video interviews too as I wish to highlight how business owners are adapting and showing quiet strength of resilience
Note: the first 100 people who show up at the Donut Station can get a free donut on me, just mention my name and that you saw them! Cheers~ Be well!
Local Small Businesses – Highlighting small businesses that help create and enrich life and community.
Growing up in San Francisco, my parents were ambitious immigrant entrepreneurs hungry to show the world that they were proud Americans and small business owners of both Sanppo Restaurant in Japantown and Biodent Ceramics, a small dental lab on 450 Sutter. As we shelter in place I reflect back on my childhood, we struggled with each turn of the economy and my father emphasized the importance of taking care of his employees and their families; He defined success, and deeply embedded in me his work ethic and care for the family in both companies and when the economy went sour, he would always lend a helping hand during hardship. I think most will agree that restaurateurs are dreamers with a vision to bring a community together. This is what owner Gabriella Castro of Tacos Moreno does for Capitola Village.
Being an entrepreneur is never easy. Doing so while sheltering in place it’s even more difficult. I hope you’ll have an opportunity to visit Tacos Moreno 3 & hope you enjoy my video too!
Let me know if I can help you in any way I can.
Under NAR and CDC guidelines essential businesses such as work of realtors (buying/selling real estate) are able to help our clients under SIP- we’re preparing this 2BA/2BA single family home in desirable Redwood Estates, Los Gatos.
Hope you are well, let me know if you need any assistance with any real estate or have any questions on how we do business under the new restrictions and as always, I’m always here to help you move forward with life. Be well!
#realtor #sellinghomes #flattenthecurve #interorealestate
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