Trudging Forward with Shelter in Place

As you know, the Shelter in Place restrictions for our area have been extended through the end of May. While not surprising, we know it can be a bit daunting to think of another month of this, but hopefully, all of our efforts will help to keep as many people as safe as possible.
 
The new health orders, which were announced today, take effect on May 4th and go until May 31st, and include some changes related to real estate and housing projects:  
  • All construction projects will be allowed to resume as long as the project complies with safety protocols included with the order. 
  • All real estate transactions will also now be able to resume, but with continued restrictions on open houses and limitations on in-person viewings.  
  • Certain outdoor businesses can also begin operating again, and people can visit those businesses to perform work or obtain goods, services, or supplies. This includes wholesale and retail nurseries, landscapers, gardeners, and other businesses that primarily provide outdoor services as set forth in the order. 
  • Residential moves (and businesses that support them) are now allowed. When moving into or out of the Bay Area region, individuals are strongly urged to quarantine for 14 days.
You can read the actual order HERE:
Here’s our weekly snapshot of key market data for the Week of Wednesday, April 22nd to Tuesday, April 29th, shown as part of the trend over the last 8 weeks.



To summarize:
  • New Listings: Slight decrease in San Mateo county and slight increased in Santa Clara.
  • Under Contract:  Increase in both counties, as we continue to see buyers who are actively looking for homes and even submitting offers.  The low mortgage rates may be helping as well.
  • Withdrawn:  Stayed about the same.
  • Sold:  Slight increase in San Mateo County and slight decrease in Santa Clara County.
In general, we’re not seeing much of a change as people continue to adjust to our “new normal”.  Here’s a quote from Lawrence Yun, Chief Economist of National Association of Realtors (NAR), which seems consistent with what we’re seeing in the data and in our interactions with clients.
"The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts.  As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.” 
Next week, we’ll cover the numbers for April, which should be interesting as it will be our first full month after the Shelter in Place restrictions took effect.  Until then, stay healthy, and let me know if you need help with anything.  Wishing you good health, joy, peace and friendship in abundance!