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 16th, 2020, the median sale price per square foot for Bay Area homes was flat at $689 compared to the prior month four weeks ended November 18th, 2020, and rose 6.6% from $646 compared to the four weeks ended December 16th, 2019
The market continues to be abnormally strong this time of year, as same time last year home prices declined month over month by -2.1%. The home price resiliency is being supported by low inventory levels and stable demand, as demand typically falls more sharply this time of year.
For instance, new listings in San Francisco fell by 2x as much as last year, with a 299 drop in new listings during the past month, compared to a 158 drop in new listings the prior year.
Likewise in Santa Clara, new listings dropped sharply by 544 homes month over month, whereas last year they fell by 398 homes.
Alameda continues to be a seller's market; despite having the most new listings of any county, buyers are snapping up homes given the relative affordability and convenience compared to other areas.
For the four weeks ended December 16th, 2020, the sales/new listings ratio for Bay Area homes rose to 1.39 from 1.10 compared to the prior month four weeks ended November 18th, 2020, but fell from 2.04 compared to the four weeks ended December 16th, 2019. The month-over-month increase to 1.39 from 1.10 is a result of a big drop in new listings, of 2,111 homes, while home purchases stayed elevated at 4,642, up 11.1% year over year.
The largest sales/new listings imbalance is continuing in Marin, where new listings of 99 is below their usual level around 100-120 units, but sales activity, at 291 home sold, is more than 2x prior year levels, which suggests there is more room for prices to increase in this market.
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