Bay Area Market Update October 2020

November 2, 2020 by Jessica0
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Bay Area Market indicators are often seasonal in nature with Q2 typically being  the period of highest demand and in the mid-winter holiday period being the period of lowest activity. Through this Bay Area Market Update, you will be able to see the major Key Performance Indicators (KPIs) pertaining to the real estate market at the end of October 2020.

The pandemic and shelter -in – place deeply affected the early Q2 2020 market but a large rebound occurred soon there after. As was the case in other large condo Market around the bay area Santa Clara County condo Market has been softer than the House Market .

The higher the percentage of listings accepting offers going in the contract, the stronger the demand As compared to the supply of listings for sale. 50%+ = a high demand market 60%+= very high demand.

The median condo price in

Santa Clara county is $715,000

Oakland area $658,000

San Mateo $850,000

San Francisco $1,250,000

Condo Market Update:

These are the major condo markets in the bay area within the counties condo markets have been significantly weaker than house markets since the pandemic.

Seasonal fluctuations are common, and it’s not unusual for median sale prices to peak for the year in spring (Q2)

Average, buyers bought significantly larger homes in Q3 2020 as compared to sales in recent years. Home size is one of the several factors of course, change and fair market value is often another in shifting median sales prices. These values reflect the combined average dollar per square foot value for the entire county. Seasonal factors also play a role in quarterly values.

The average home sales price by city Q3 2020

Los Altos hills: $4,350,000

Los Altos: $3,330,000

Palo Alto: $3,025,000

Saratoga: $2,950,000

Los Gatos: $2,470,000

Cupertino: $2,300,000

Mountain View: $2,250,000

Sunnyvale: $1,916,000

Campbell: $1,480,000

Santa Clara: $1,475,000

San Jose: $1,230,000

Milpitas: $1,210,000

Morgan Hill: $1,125,000

Gilroy: $826,500

County condos: $715,000

Number of Sales Reported in Q(3)

The city of San Jose had 1436 house sales reported in the quarter. The county of Santa Clara had 585 condo sales within the quarter

The city of San Jose had 2200 active house listings in the Quarter. The county of Santa Clara had 1260 active condo listings in the Quarter

Quarter (1-3) up to date

Since the beginning of the pandemic we’ve seen a very competitive market. Homes are going well above asking price and averaging a week on the market. It’s a great opportunity for first time buyers due to the low interest rates however, it is to the point where we’re in multiple offer market and you have to be very competitive in order to get your offer accepted.

This competitive market update is great for sellers and harder for buyers but, Keeping my clients on their A game to ensure we are the best offer is what I have  been working on the most during this time. Ensuring my clients are pre-approved with a great lender and ready to go if they find something they love and would like to submit an offer is what is the key to my buyers success!

Prepping my sellers and getting their homes priced right so they get multiple offers is what helps their home sell within a week. From staging to photos, videos and 3D tours, I will be able to provide you the highest level of service from any listing agent in the Bay Area. The amounts of listings I have sold over the past year has been exponential. We are in a seller’s market at this time with a very low inventory count.

Meaning that we usually get multiple offers above the listed market price, as you can see from this market update. Very low mortgage rates are the driving force behind this market, I will therefore be awaiting your call or email, as I am glad this Bay Area market update helped convince you.

 


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