Reclassified as an essential industry several weeks ago, the Bay Area real estate market is showing evidence of perking up. We’ve adjusted to virtual tours and practiced social distancing when touring available homes. And the numbers are starting to show increased activity and sales.
Last week I attended a Zoom meeting led by Dave Walsh, President Elect of the California Association of Realtors. He shared statistics specific to Santa Clara County. He’s observed that the market remains active with new inventory and pending sales.
THE HIGHLIGHTS
- The real estate market is still active. New sales have increased over the last month even during the shelter in place order. Homes are being listed on the MLS and buyers are touring them either virtually or through restricted on-site tours.
- If a home is vacant, it can be shown. That’s good news for both buyers and sellers.
- There hasn’t been a significant spike or dip in inventory levels. When you add the number of active listings with recently withdrawn listings, inventory levels are nearly the same as this time in 2019.
- The statistics suggest that when Santa Clara County emerges from the shelter in place order, the market will most likely rebound strongly and quickly.
GROWTH WEEK OVER WEEK
The following chart shows the number of active residential listings (single-family homes, condos and townhomes), inventory change, and actual sales by week compared to the average. There are many neighborhoods where the number of sales by week is greater than the average (highlighted in green).
This chart illustrates that the number of available homes for sale has increased, but not dramatically. As we enter the spring real estate market, it’s not uncommon to see inventory growth. Note that growth is relatively modest.
The number of new sales have increased over the last four weeks. The average number of daily sales are also increasing. We also see a leveling off of active listings being withdrawn from the MLS.
REACH OUT & CONNECT
As with most guidelines and best practices related to the Coronavirus, things are evolving. I remain available virtually via phone and video conferencing, and can meet you by appointment to tour vacant properties. I remain committed to serving my clients and being your source of the most accurate and current information available. If you have questions, want to share helpful resources, or simply wish to connect, please reach out! We’re in this together!