As the Shelter in Place has been extended another month, I hope you and your loved ones are keeping healthy and in good spirits.

Here’s our weekly snapshot of key market data to give you a better sense of what’s happening in our market.  (Hint: things are actually STILL moving in real estate)

The following are critical market indicators for the Week of Wednesday, March 25th to Tuesday, March 31st.

Interestingly, the number of new listings last week didn’t change significantly from the week before.  Perhaps these sellers are all seeing some benefit to having less competition and some “free” marketing time.  San Mateo County saw a 2.5X increase in the number of canceled or withdrawn listings while Santa Clara County saw much less.  It’s possible that this number will continue to stay the same or decrease as most sellers have decided to withdraw or cancel already or else will be “staying the course” during these Shelter In Place times.

What’s even more interesting is the number of homes that have gone pending or contingent, which tells us that there are still people out there looking for homes and making offers.  We’re needing to be a bit more creative about showings through uses of 3D virtual tours and Zoom open houses, which will probably be here to stay long after the coronavirus threat is diminished.  Buyers are still definitely out there – some that are actively looking and ready & willing to write offers and others who are just delaying their plans.