Updated Monday 4/6/2020
With added curiosity around the homebuying market (Google searches for “should I buy a house” are the highest ever!), we’re now sharing weekly data for the Bay Area in addition to tracking monthly market trends.
The metrics we’re tracking are our favorites to understand the temperature of the current market … median list price, median days on market (speed to accepting an offer), and percent of homes that accepted an offer within14 days (note that this data needs to wait until the time period passes). Data source: EBRD/CCAR/Bay East, CRMLS, San Francisco MLS.
Week of 3/30, updated 4/6
Homes are selling slower with social distancing. Median list price is up or flat across markets due to sellers moving away from the strategy of pricing low to encourage bidding wars. Median days on market is likewise up or flat. The percentage of homes accepting an offer within 14 days is down, except in San Francisco, where that number is up, but that’s due to low volume (so a small change shows up as a bigger percentage change).
Week of 3/23, updated 3/30
The short story: The most telling data point this week is the percentage of homes that accepted an offer in 14 days or fewer, which fell across markets, indicating less competition. List prices rose or stayed flat as bidding wars decreased and sellers likely chose to price at fair value rather than pricing low to encourage competition.
Week of 3/16, updated 3/22
The short story: Median list price dropped in San Francisco and the East Bay, but held steady in the South Bay. Homes sold slightly faster across the board, with median days on market decreasing slightly in each market. Fewer homes accepted an offer in 14 days than in the previous 14-day period, dropping from 29% to 20% in San Francisco; from 65% to 58% in the East Bay; and from 70% to 63% in the South Bay.
Week of 3/9, updated 3/16
Median list prices were up slightly in all areas during the week of 3/9, landing at $1,359,000 in San Francisco, $888,888 in the East Bay, and $1,099,400 in the South Bay.
Median days on market decreased: from 32.0 days to 28.5 in San Francisco, 14.0 to 13.0 in the East Bay, and holding steady at 8.0 in the South Bay.
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