Market Update- April 2020

San Mateo County Real Estate Market Update – April 2020

The county-wide shelter in place order that took effect in mid-March ground most real estate activity to a halt. Our local MLS shut down virtually all activity – no open houses, no brokers tours, no private showings. These restrictions eased slightly with the recent ruling by the State of California that residential real estate is an essential service. Agent activities remain tightly constrained in an effort to slow the spread of COVID-19.

Yet there are encouraging signs. Just looking at the numbers, our market remains solid. The stock market has regained some of the ground it lost last month. Interest rates remain at historic lows. Inventory is even lower than it was before, strongly favoring sellers. The restrictions in place on real estate activity have significantly dampened the effect of this limited inventory – for now. It’s reasonable to assume (with what we know now) that as COVID-19 related restrictions gradually ease, our robust local market will return.

Motivated buyers are still actively seeking properties, albeit virtually for the most part. Sales are happening, though at a greatly reduced volume. Business is being transacted, just at a more civilized pace.

MEDIAN SALES PRICE
Single Family Homes: 6.8%
rolling 3-month average compared to same period last year

Condo/Townhome: 6.0% rolling 3-month average compared to same period last year

MONTHS OF SUPPLY
Single Family Homes: -20.7% rolling 3-month average compared to same period last year

Condo/Townhome: -30.2% rolling 3-month average compared to same period last year

NEW LISTINGS & NUMBER OF SALES
Single Family Homes: Listings -12.2%, Sales -4.8% rolling 6-month average year over year

Condo/Townhouse: Listings: 8.2%, Sales 20.4% rolling 6-month average year over year

MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes: 1.2% rolling 3-month average compared to same period last year

Condo/Townhouse: 1.1% rolling 3-month average compared to same period last year

DAYS ON MARKET (DOM)
Single Family Homes: -22.6% (med), -4.3% (avg) rolling 3-month average compared to same period last year

Condo/Townhouse: -2.1% (med), -7.1% (avg) rolling 3-month average compared to same period last year

The information contained in this report is taken from a variety of sources including MLSListings, the City of San Francisco Planning Dept., the Federal Reserve Bank of San Francisco, the Bureau of Labor Statistics, The Conference Board and others. The data may have errors, omissions and be subject to revisions and is not warranted. It is deemed reliable but is not guaranteed. Questions may be directed to Keller Williams Peninsula Estates (650) 627-3700. DRE# 01906450

Categorized in: ,

This post was written by Rumana Jabeen

Leave a Reply