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The Bay Area Housing Market During Pandemic

NOT ONLY HAVE THE PRICES NOT TUMBLED, THEY SHOT TO RECORD LEVELS. IN A BAY AREA NEWS ARTICLE, I REAL ESTATE FIRM SAYS THAT THE MEDIAN PRICE OF HOMES IN SANTA CLARA COUNTY IS $1.4 MILLION, 16 1/2% MORE THAN LAST YEAR. SAN FRANCISCO AND SAN MATEO HAVE THE SAME MEDIUM PRICE,$1.57 MILLION. ALMOST A 12% JUMP IN SAN MATEO, BUT A MUCH SMALLER GAIN IN SF DUE TO THE SLOWING DEMAND.

LET'S HEAD ACROSS THE BAY, THE BAY EAST ASSOCIATION OF REALTORS REPORTS IN NOVEMBER THAT THE MEDIAN PRICE OF SINGLE-FAMILY HOMES IN CONTRA COSTA IS $810,000. THAT IS A 27% INCREASE COMPARED TO LAST YEAR. IN ALAMEDA COUNTY, JUST OVER $1MILLION. A 15% INCREASE YEAR OVER YEAR AND IT MAY SURPRISE SOME PEOPLE, OAKLANDS MEDIUM PRICE HIT $1 MILLION. THE BASED ASSOCIATION OF REALTORS DAVID STARR EXPLAINS WHO IS BUYING IN THE PANDEMIC,THE FACT THAT YOU CAN NOW WORK FROM HOME AND NOT HAVE TO DEAL WITH A COMMUTE, IT MAKES THE EAST BAY EVEN MORE DESIRABLE. ALSO, THIS PANDEMIC HAS NOT AFFECTED EVERYONE EQUALLY THERE ARE SOME PEOPLE WHO ARE FULLY EMPLOYED. MANY BUYERS WHO WORK IN TECH AND OTHER INDUSTRIES HAVE BEEN LARGELY UNAFFECTED BY THE PANDEMIC. ANOTHER BIG FACTOR, RECORD LOW INTEREST RATES, GIVING PEOPLE THD BUYING POWER, HENCE THE DEMAND IS WAY UP IN THE INVENTORY REMAINS LOW AND THE OUTLOOK FOR NEXT YEAR, UP OR DOWN? IT ALL DEPENDS ON THE INTEREST RATES, FEDERAL POLICIES AND HOWQUICKLY THE ECONOMY RECOVERS.


If you would like more details about Housing market in Fremont, Union City, Newark, Hayward, Danville, Dublin, San Ramon, Pleasanton, Walnut creek or surrounding areas please feel me to give me a call directly.




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