January Market Update: Bay Area

Topline for the month: Where are the homes? 

Inventory is light, with 207 active single-family-home listings in SF and 242 in San Jose. More details below. 

Fewer homes for sale often equals stiffer competition. Days on market are largely down month over month, which is to be expected after a typical December slowdown. More telling … year over year, days on market for single-family homes in SF are on average down 52% compared to January 2019. Likewise, San Jose single-family homes sold nearly 53% faster YoY.

How to win? Offer in cash. In 2019, Flyhomes Cash Offers helped homebuyers win 77% more often than they expected to

Also, mortgage rates hit a 3-year low. That’ll likely fuel even more competition, since it gives buyers greater purchasing power. 

South Bay 

Our Research Team looked into a sample of sales to find out how competitive the situation was in January. 

The answer: Super competitive.

Our research revealed that sellers received multiple offers on 92% of homes, with 8.5 as the average number of offers.

The researched homes are a sample of the resale market for single-family houses and townhomes, excluding new construction, listed for $1,200,00 – $1,800,000 in Santa Clara, Sunnyvale, and Mountain View. 

Other timely trends in the South Bay:

  • San Jose condo prices dropped. January saw both their median sale and list prices drop MoM, 4% on sales and 12% on list.
  • Median days on market dropped drastically for San Jose condos, 70% MoM … it’s now 13.5 days.
  • Looking in Santa Clara? Median list prices are down across the board, by as much as 41% for condos.
  • Over in Sunnyvale, January saw increases in median price per square foot for single-family homes and condos, and steep drops in median days on market, 72% MoM for condos.
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East Bay

In Oakland, median list price for single-family homes jumped 18% MoM and median days on market dropped 25% MoM, showing that competition is likely heating up.

Are Berkeley condo-hunters experiencing a bargain moment? Median sale prices dropped 22% MoM, as did list prices, and percent sold under list was up 71%. Berkeley condos hang around the market for a leisurely 13 days (median).

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Microsoft is expanding in the East Bay. If you’re in tech and never imagined you could live and work in Berkeley, think again.

San Francisco
(Still love ya, 49ers! Next year.)

Single-family SF homes stayed on-market for 62% fewer days MoM (median 20 days). SF condo sales also sped up by nearly 11% MoM.

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Want to live on Yerba Buena? Prices on brand-new Bristol condos have just been released.

Let’s chat!