You can probably feel it in the warm pre-summer breeze, but the housing market continues to heat up around the Bay Area, and particularly in San Mateo County. Sales volume and median prices are well above the pandemic market of a year ago, and properties are on the market two days less on average!
With more people working and educating their kids from home, it probably shouldn’t come as a big surprise that bigger homes are trending. As you’ll find from this graph, Santa Clara County saw a huge spike in sales by square footage in Q3 2020. We’ll see if things shrink back to normal in 2021.
Over a 12-month period ending April 30, Compass had far and away the highest market share by dollar volume of any firm in the Bay Area, including Santa Clara and San Mateo counties. This holds true whether you look at the general market or luxury homes.
If you’re looking to escape to a new home in the Sea Ranch, it will cost you a lot more now than it did one year ago. The shift to remote work has definitely helped sales prices jump there and in other Sonoma County communities.
Without really digging into this graph, you wouldn’t even know we had a global pandemic, civil unrest, and an economic shutdown across multiple industries.
But as you can see, Q4 2020 sales volume far exceeded past performance, and Q1 2021 came in a whopping 45% up from a year prior.
We’ll see what this means for Q2, which accounts for most of the spikes in this graph — at least until 2020.
