Key Takeaways for the Month
Competition has remained strong in the Bay Area real estate market. While COVID-19 caused a drop in demand from buyers, it caused a steeper drop in the number of listings while sellers waited to see what would happen with the pandemic.
- At the start of the year, competition was similar to 2019, then fell with the start of COVID, and in June started to again look similar to last year.
- While Bay Area single family homes and townhomes are selling similarly to last June, condos are slower to rebound post-COVID. It may be a great time to look for a condo.
- List prices have been above last year’s trend, but sale-to-list price ratio has dropped. These two data points combined show that buyers are getting homes at a fair value, not overpaying .
Competition snapshot
Our Research Team looked into sales in the hottest zip codes in the South Bay for a snapshot of competitiveness in the local market.
The researched homes are a sample of the resale market for single-family houses and townhomes, excluding new construction, listed for $1,200,000 – $1,800,000 in select zip codes in Santa Clara, Sunnyvale, and Mountain View.
Sale Price
Based on date the property sold.
List Price
Based on date the property was listed.
Sale Price Compared to List Price
Based on date the property sold.
Days on Market
Based on the number of days between the list date and the date the property went pending, except when sold date is earlier than pending (then based on date sold).
Number of Properties Listed
Based on date the property was listed.
Number of Properties Pending Sale
Based on the date the property went pending, except when sold date is earlier than pending (then based on date sold).
Number of Properties Sold
Based on date the property sold.
Let’s talk!