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.
You don’t have to take our word for it. Housing demand and short supply is making this a sellers’ market, and bidding wars are becoming more common. Think you’ve had a rough time? NPR has the story of a couple who bid on 40 homes — with nothing to show for it.
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.
