Wondering what's going on with the Bay Area's real estate market at the moment?
Let's take a look...
For the four weeks ended December 2, 2020, the median sale price / square foot for Bay Area homes rose 0.2% to $683 from $682 - compared to the prior month four weeks ended November 4th, 2020 - and rose 5.2% from $650 compared to the 4 weeks ended December 2, 2019.
The month over month increase was driven primarily by a 4.9% increase in Santa Clara, offset by a 7.1% decrease in Marin; these moves seem high in a monthly context, but are in-line with the year-over-year trend that has been forming which represents a ~10% annual increase in the four lower-priced counties in the Bay Area (Alameda, Santa Clara, Contra Costa, and Marin), and lower annualized increased in the 3-5% range in the higher-priced counties (San Francisco, San Mateo).
For the four weeks ended December 2, 2020, the sales / new listings ratio for Bay Area homes rose to 1.38 from 0.88 compared to the prior month four weeks ended November 4th, 2020, and fell from 1.61 compared to the four weeks ended December 2, 2019.
The month over month increase in the sales/new listings ratio was driven primarily by the ~50% declines in new listings in San Francisco and Marin. The decline in the sales/new listings ratio year over year is driven primarily by the lower sales numbers in San Francisco (the only county with reduced sales year-over-year).
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