Like it’s been for months now, the market stayed hot in June, especially in San Mateo County, where home sales are up and the median price is 25% higher than one year ago at the height of the pandemic.
Meanwhile, condo sales volume and prices are up, but properties are staying on the market longer than they were last year. This could be a byproduct of buyers seeking more space for working from home in the new normal.
Did we mention inventory is a little lean? Okay, it’s a lot lean. And that’s driving prices higher and triggering a lot of bidding wars. Here’s a look at where things stand in Santa Clara County:
Open house activity can provide a glimpse at what the real estate market will look like weeks and months into the future. A recent spike in open houses after a slow Spring coupled with increased consumer confidence in the wake of record-low 30-year mortgage interest rates means we can expect an uptick in demand throughout the summer months.
If you’re interested in how the market is moving in your neighborhood, don’t hesitate to reach out. We’d love to talk with you about it!
According to the National Association of REALTORS®, pending home sales increased 8% in May over April and are up 13.1% from just one year ago. And a Pending Home Sales Index of 114.7 was the highest reading for May since 2005! NAR’s newsroom has all the details.
You may have heard that the Bay Area is experiencing a population decline for the first time in what seems like decades of consistent growth. According to early Census data, our regional population shrunk by 0.6% in 2020, and we’re down 0.8% from the peak of just two years ago.
As you can see, the biggest dip was right here in Santa Clara County, which dropped more than 15,000 residents last year alone. It’s no secret that the rising costs of housing are driving a population shift out of the Bay Area. But it’s yet to be seen how long this trend will hold.
