May 2020 Market Update
This month, we’ll continue to update you with important information about your local real estate market during these unprecedented times. We know homeowners have questions about home values and the equity they have built up these past few years. Potential buyers want to understand changing market conditions and how to negotiate the best offer for themselves. With that in mind, an overview of the numbers indicate the Peninsula/South Bay’s housing market is looking quite strong. This month’s topics include:
- Key News and Trends Impacting Your Local Market: In April, median single family home prices remained relatively stable and fell by only 1% statewide compared to March. Many homeowners are refinancing while interest rates are low, and technology is helping homes sell during social distancing.
- May Housing Market Update: The number of homes under contract had risen every week for seven straight weeks before dipping slightly during this second week of May; this indicates a recovery may already be underway. Housing inventory has also risen for the last seven weeks and many sellers are choosing to stay in the market. Sale-to-list prices remain strong indicating that home prices are stable.