March Market Update: Bay Area

Key takeaway for the month: As in almost every area of our lives, the coronavirus is impacting real estate. Specifically, it’s adding uncertainty, which leads to many buyers and sellers choosing to wait. That said, buyers who are active are still buying quickly. 

So what: Fewer homes are being listed and competition has slowed. If you’re serious about buying a home, you’ll see fewer homes, but you’re also more likely to win your offer with fewer active buyers right now. 

Note that we’re open for business. See this post for updates. 

Quick highlights

  • Active listings are down across the board by at least 21% and up to 65%. 
  • Median days on market in March fell in many areas, largely because of a lack of bidding wars, which means many sellers removed offer review dates and accepted offers sooner.
  • In the last week of March, we saw median list prices rising or staying flat as sellers likely chose to price at fair value rather than pricing low to encourage competition.

Competition snapshot

For the third month, our Research Team looked into a sample of sales in hot South Bay neighborhoods.

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. 

South Bay 

San Jose

  • Active listings decreased across the board, by as much as 51% (single family homes). 
  • Inventory level also dropped by as much as 43% (single family homes). 
  • The percentage of homes sold under list price dropped, largely due to competition and demand in February, when those homes were listed.
Click to enlarge

Santa Clara 

  • Active listings decreased across the board, by as much as 65% (single family homes). 
  • Inventory level also dropped for single family homes (69%) and townhomes (60%), but rose 123% for condos. 
  • Homes sold quickly in March, with median days on market down across the board.
Click to enlarge

Sunnyvale 

  • Active listings decreased across the board, by as much as 64% (single family homes). 
  • Inventory level also dropped across the board. 
  • The percentage of homes sold under list price dropped, largely due to competition and demand in February, when these homes were listed.
Click to enlarge

East Bay 

Oakland

  • Active listings decreased across the board, by as much as 56% (townhomes). 
  • Inventory level also dropped across the board. 
  • The percentage of homes sold under list price dropped for single family homes and condos; no townhomes sold under list price in February but 14.3% did in March.
Click to enlarge

Berkeley

  • Active listings decreased across the board, by as much as 62% (single family homes). 
  • Inventory level also dropped across the board. 
  • Single family homes sold 7% faster than in February; condos sold at the same median 15-day pace.
Click to enlarge

San Francisco 

San Francisco

  • Active listings decreased across the board, by as much as 45% (single family homes). 
  • Inventory level also dropped across the board, but only 2% for condos. 
  • Single family homes sold 6% faster than in February; condos took 10% longer to sell at 38 median days.
Click to enlarge

We’re available!