I have been conducting Zoom Webinar’s with a data-driven presentation giving insights into the current market, post Shelter-In-Place, comparing the scenario with 2008 and outlook for the future. I will be thrilled to have a one-on-one or group Zoom sessions with you and your friends and family, and it should take 45 – 60 mins and I will ensure that your time is well spent. Please reply to this email if you are interested so that I can schedule one for you.
Below is a graph of what’s happening in Contra Costa and Alameda counties Real Estate market combined, this is a graph of Supply (New Listings) and Demand (Pending sales), each data set is for two weeks starting with two weeks before Shelter-In-Place became effective, followed by Weeks 1-2, 3-4, 5-6 and 7-8 after Shelter-In-Place became effective. The following are the salient points that can be interpreted from the graph.
- Both Supply and Demand came down significantly in the immediate two-week period post Shelter-In-Place, showing that the dramatic change in their lifestyle rattled buyers and sellers and anxious about the future
- Supply started to go up immediately after the first two weeks and has continued to do so, indicating that Seller’s have overcome the initial anxiety and re-adjusted to the new situation, both personal and professional.
- Though demand went down for a second consecutive two-week period, it jumped up significantly in the subsequent two two-week periods.
- Both Supply and Demand are now inching up to the pre Shelter-In-Place numbers.
Many of you might have been aware that January and February of 2020 were brutal for buyers, with Supply being meager and buyers clamoring to buy the limited inventory, leading to a bidding war and significant overbidding. On average, during Jan-Feb of this year, I had a 20% acceptance rate of offers, multiple offers on all properties that I had submitted on behalf of my buyers (average of 10 offers per property), with a couple of homes getting 40+ offers. Properties that did not sell in 2019, subsequently taken off-market and then re-listed in Jan-Feb, were getting sold within a week. Overall, it was a tight market for buyers. With inventory still way low in Bay Area (2 months or less Supply where less than six months supply is considered a Seller’s market) and buyers coming back to the market as seen in the graph below, it is going to be very competitive for buyers if the trend continues.
I hope the above summary and the graph below gives you a proper perspective of today’s market. If you have any further questions or would like to set up a Zoom call on the complete market presentation, you may reply to this email, and I will be delighted to talk to you.
