They expect prices to dip slightly between now and this month next year. The weekly market metrics show that Silicon Valley real estate is truly weathering this health crisis. In San Francisco, the average days on market was three days longer than last year, at 30 days vs. 27 days. Major cities in this area include St. Petersburg, Largo, Clearwater, New Port Richey, Holiday, and Tampa. Bay Area Housing Trend – The Current Scenario The real estate market in Silicon Valley had been shooting up, until the trend started taking a noticeable dip after March 2019. If RealDataSF.com doesn't have your answer, give Misha a call or drop him an email. The median prices for existing houses, which make up two-thirds of the market, will rise a … We’ve rebounded in 2019 as rates have collapsed and people are getting liquid from the tech IPOs starting in 4Q2019. An analysis of historic and current income and housing trends by real estate data firm CoreLogic found the pricey markets in San Mateo, San Francisco and Marin counties are, by some measures, under… There is a softening in the Bay Area real estate market, but it’s not terrible. Here are some takeaways: Unemployment rates in California, and notably the Bay Area, are hovering in the 2 percent range, which is a great sign for the local economy. High-end luxury real estate has seen a very strong demand in virtually every housing market in the entire Bay Area. more people will leave San Francisco, New York, and even Seattle, some for nearby towns like Sacramento and Tacoma that are close enough to support a weekly office visit…”. Fortunately, recent data from the California Association of Realtors (CAR) shows that it’s not all doom and gloom for 2020. Home prices are starting to show weakness. The Bay Area residential market … We put our clients first, and our five-star customer reviews speak for themselves. Lamorinda Real Estate Market Trends November 2020 Report The long-term median sales price chart below is similar to those for markets around the Bay Area – a very significant spike in median house prices since the pandemic struck in early spring. That was more than double the median for the broader San Francisco-Oakland-Hayward metropolitan area, which came in at $499 per square foot. Buyers in Marin paid about 2.5 percent below the list price this year compared to just 1 percent last year. A gradual rise in inventory levels. Over the past few months, home sales and prices have risen steadily in most parts of the Bay Area. One of our friendly team members will be happy to talk with you and answer any questions you have! But there’s no denying the shift that’s taking place within the local real estate market. “Forty-nine of the 51 counties reported by C.A.R. This is positive news for property owners in the region who are enjoying some good equity growth; however, it is not ideal for residents seeking to buy a home. This shows the speed to which the Greater Bay Area real estate market is recovering from the pandemic. A strong job market increases the odds that Bay Area residents can fulfill the American dream of owning their own home. DRE License Number: 01913379, How to Prepare for a Final Walk-Thru Inspection, 2020 Update on the Bay Area Real Estate Market for Investors, What Every First-Time Home Buyer Should Ask, Investing in Multifamily Rental Properties in Reno, Nevada, 6 Rental Property Management Mistakes to Avoid, Top 4 Methods for Prorating Rent and Prorated Rent Calculator. September’s 6.54 million in sales has left the market with only 2.7 … Buy, Sell and Rent Homes and Condos, Get Mortgage Rates, School Ratings, Neighborhood Information, Real Estate News and Celebrity House Tours for the San Francisco-Oakland-San Jose SF Bay Area In San Francisco, according to Compass, about 13 percent of listings reduced their prices compared to just over 12 percent last year. In a sense, the housing market is behaving as if the COVID-19 pandemic never even happened. RELATED: Building a Better Bay Area: The Housing Shift According to an ABC7 data analysis of real estate data, there are 147 luxury condos on the market in South Beach. ... Next Up In SF Real Estate Market Reports. Those are the key takeaways from the latest San Francisco housing market forecasts and reports, as of late summer 2020. predicts San Francisco home prices will rise another 0.7 percent this year. With some education and open-mindedness to possibilities, the dream of owning real estate in California in 2020 may not be as out of reach as many think. Marin County also saw a decrease in the sales-price to list-price ratio. Granted, this doesn’t necessarily spell doom and gloom for the San Francisco housing market in 2021. experienced year-over-year declines in active listings in August. While macro economic conditions are positive, Bay Area home sales started showing a slow down in growth in Q3 of 2019 and it’s expected this trend could continue, though it won’t be as bad as was thought a year ago. They might even take a downturn. October was an exciting month for Bay Area real estate buyers and sellers – despite an ongoing pandemic. Here are the latest trends and forecasts for the San Francisco housing market through 2020 and into 2021. It’s too early to declare such a trend, at least from a data standpoint. In Marin County, it took about six days longer for homes to sell than it did last year. As CAR said in their recent, , 2020 may be “more difficult than 2019, but we’re less pessimistic.”, At Intempus Property Management, we’ve been proudly serving clients throughout the greater. According to a recent statement from Redfin CEO Glenn Kelman: “Since March 15, searches for homes and towns with population under 50,000 people increased 71% ….