January 25, 2021
Many factors affect home values: quality of location within the market area, architectural style and curb appeal, square footage, condition, views, amenities, extra rooms, parking, decks and yards, privacy, lot size, demographics, environmental factors, and so on. There is usually a wide or even vast variety of homes within market areas, especially larger ones.
January 19, 2021
Market indicators are often seasonal in nature, with Q2 typically behind the period of highest demand, and the mid-winter holiday period being the period of lowest activity. The pandemic gravely affected early Q2 market activity, but a dramatic rebound occurred in the months that followed.
January 18, 2021
Pandemic, shelter in place, mass unemployment, terrible financial hardship for many residents and small businesses, new ways of working, office buildings empty out, people move, dreadful fires, an anxious presidential election interest rates drop to historic low, IPO mania breaks out once again, stock markets reach new highs, vaccines begin to arrive - and the real estate market went into hyper-drive, with the median home sales prices hitting new peaks. The luxury home market in particular was extremely strong. 2020: a year of extremes.
December 30, 2020
Now that the election’s over, we’ve been getting a lot of questions about Proposition 19 and who it benefits. Basically, Prop 19 makes it easier for homeowners 55 or older to move to another home statewide and keep the taxable value (tax basis) of their original home. Under the old law, you could only move that basis between two counties that had opted in to the law – and you could only do it once. Under Prop 19, you can move the basis anywhere in the state, and do it three times.
December 9, 2020
Though Covid-19 upended many normal seasonal trends this year, the market did begin its typical “holiday season” slowdown in November - however activity remained well above levels of last year. It is unknown how the latest pandemic circumstances may affect the market in December, which is usually by far the slowest month of the year.
December 9, 2020
Due to differing property values, as a very general rule of thumb we define the luxury home segment as properties listed or selling for $3 million+ in San Francisco, Marin, San Mateo & Santa Clara Counties, and for $2 million+ in other Bay Area Counties (and for SF luxury condos and co-ops). In the first six months since the pandemic really impacted monthly sales volume, overall sales remained about the same year over year, but luxury home sales jumped over 50%. Homes sold to affluent and very affluent buyers have significantly increased as percentage of total sales since the pandemic. This also helped pull up overall median home sales prices.
November 9, 2020
The long-term median sales price [see chart in report] is similar to those for counties around the Bay Area - a significant spike in median house prices since the pandemic struck in early spring. However, Marin has seen a more dramatic increase than most.
November 9, 2020
The luxury home market is fiercely seasonal. It was severely disrupted by the pandemic in early spring 2020, then saw a dramatic rebound in May and June.
October 13, 2020
Leslie Appleton-Young Chief Economist + SVP California Association of REALTORS®