Here’s our weekly snapshot of key market data to inform you on what’s happening in our market. The following are critical market indicators for the Week of Wednesday, April 15th to Tuesday, April 21st. For this week, we’ll take a look at the trends we’ve seen in the last couple of months.
Just a few takeaways from the data so far:
• New Listings: Though we had a steep drop right after the Shelter in Place (SIP), we’ve seen the number stabilize in both counties, even almost doubling in the last in San Mateo County. It may be that more sellers and listing agents are starting to look forward to some relaxation of the SIP standards in a couple weeks.
• Under Contract: YES, there are buyers still out there and putting in offers, and it seems the number of listings going into contract are keeping pace with the number of new listings. Of the 88 listings that went into contract in San Mateo County, 52 (59%) went on the market after SIP. In Santa Clara County, 113 out of the 173 (65%) listings that went into contract were put on the market after SIP.
• Withdrawn: This number has pretty much stabilized after the steep increase that took place immediately after the SIP took effect. No surprise there.
• Sold: San Mateo County closings are also holding steady, while Santa Clara County is actually seeing an uptick in the number of closings. Out of 57 sales in San Mateo County, 10 were listed after SIP and 27 (47%) went into contract after SIP. Out of the 196 sales in Santa Clara County, 23 were listed after SIP and 95 (48%) in contract after SIP.
While things are far from being back to normal, the market is clearly continuing to move, so if you are thinking to buy in the near future, don’t just sit on the sidelines waiting for a glut of inventory or prices to fall. And if you were planning to sell this year, don’t be discouraged as we are still experiencing a shortage of inventory and serious buyers are still out there.