Here’s the latest from MLSListings Silicon Valley and Coastal Regions
– Single-Family Homes Market Overview
The SF Bay Area real estate market continued to show its strength during July, even in the midst of the COVID19 pandemic.
Median prices again rose across all five MLSListings counties compared to July 2019; the lowest gain was 7% in Santa Clara County, and the highest increase in median price was 19% in San Benito County.
Closed sales remained robust across the board, both month-over-month and year-over year.
Further displaying this resilience, median days on market dropped in every county except for San Benito and new listings coming on the market grew versus last year in all counties except for Santa Cruz.
Inventory stayed problematic in all counties, with 4 out of five counties showing year-over-year decreases.
Santa Clara’s inventory is 1/3 less than this time last year and Santa Cruz inventory is down by 35%.
While San Mateo showed a modest 12% gain in inventory, it is still at historically low levels.
Even with the strong demand, premiums paid (amount paid over asking) is close to 100% in all counties and steady with both last month and last year in all counties except for San Mateo, which saw a 4% drop in average premium paid, from 105% of list last year to 101% of list this year.
Tech Hubs, such as #SanJose, #Sunnyvale, #santaclaracounty may have the edge in the housing recovery. “New supply” and “pace of sales” remained below during COVID19/SIP January, but in the West Coast, by June 21, it surpasses and continues to lead the recovery with the overall index now visibly above the pre-COVID benchmark.
What’s Driving Our Recovery?
1) Weather 2) COVID-19 containment 3) Economic resilience are three key factors driving regional differences in the housing recovery.
Realtor’s previous study about the spread of COVID-19 is closely linked to the housing slowdown, with markets with higher cases per capita more likely to see a bigger impact on supply and the pace of sales. It found that the speed and sustainability of the reopening, and each market’s ability to contain COVID-19, are dictating the speed of recovery across the regions.
Resilient economies may have an edge in the housing recovery, and areas with strong job markets before COVID-19, especially those with thriving #tech sectors, are seeing buyers and sellers reconnect faster than the rest of the country.
Yep, “West Coast rocks!” says this proud NorCal gal! 🙂
If you have any questions, or looking to relocate and would like any market stats or reports about schools in your desired area, I’m always happy to assist you in your next transition or move.