Hello Everyone, I miss you!
My mantra since March 13th has been “I don’t know.” Because, we don’t. It actually feels so good to own that statement. Yum. We have been taught that there is always an answer if we just keep digging. I’m digging deeper in other ways and I’d love to share those with you if you feel like a chat. Be well and be safe. Gabriella. 415.794.8639
High-end sales staged a particularly strong recovery, reaching a new high as a percentage of total sales. This is one of the factors behind median house sales prices hitting a new peak in June.
As illustrated below, the house market (blue line) has performed much better than the condo market (purple line).
Three angles on median home sales price movements – annual, monthly and quarterly. While the median house price has hit a new peak, the median condo price has declined from its 2019 high.
Average days on market remained relatively low in Q2, though higher than Q2 in 2018 and 2019.
The average overbidding percentage declined to zero in Q2 as showing procedures and the offer-making process have been severely affected by shelter in place.
The Bay Area markets with the largest year-over-year increases in the number of listings accepting offers in June 2020 were the 4 outer Bay Area counties of Monterey (up 61%), Santa Cruz (58%), Sonoma (47%) and Napa (37%). They also have among the lowest population densities in the Bay Area. The more urban counties saw more modest y-o-y increases: San Francisco (6%) and Alameda (7%). Other factors may play a role in this: length/strictness of shelter-in-place rules, home price differences, second-home buying patterns, and so on.