Note that there is a time lag - usually 3 to 6+ weeks - between a new listing coming on market, an offer being negotiated and accepted, and when the transaction actually closes sale. This means that most of the sales price data we have, as of the third week of April, still reflects the market BEFORE the shelter-in-place rules went into effect. In virtually all Bay Area counties, Q1 and March median home sales prices were quite strong. It is unknown at this point whether the current crisis will significantly affect home values or not.

This report will look at the effects of the crisis on supply and demand by reviewing week by week statistics through April 19. The spring selling season is usually the most active of the year and, typically, the standard market indicators - new listings coming on market, total listings for sale, listings going into contract, sales closing escrow - all climb steadily from the mid-winter slowdown until peaking in late spring (or in a few markets, in summer). Since the coronavirus really began to impact the public consciousness locally in early March, and especially when the shelter in place rules came into effect, all these standard indicators have seen significant declines.

However, though the numbers are much reduced, some listings continue to go into contract, albeit far fewer at this time.

New Listings Coming on Market

Here we can see that the number of new listings plummeted right at the beginning of Shelter in Place. While there has been a small uptick, it’s nowhere near where things normally would be at this time of year.

Active Listings on Market

That trend is mirrored here.

Listings Accepting Offers

Percentage of Listings Accepting Offers

4.SF-Percentage-Listings-Taking-Offers.JPG

Home Sales (Closing Escrow)

There have been closings, even this week, but most if not all went into contract before or early into the Shelter in Place order.

Listings Withdrawn from Market

That huge spike coincides exactly with the SIP order. While that curve has tapered off, it’s more indicative of how few new listings have come on the market — in other words, there are fewer listings that could be withdrawn.

New Luxury Listings on Market

The luxury market is no different, with very similar patterns.

Active Luxury Listings on Market

Luxury Listings Going Into Contract

Luxury Listings Withdrawn from Market

Ultra-Luxury Home Market

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.

April 2020 Bay Area Real Estate & the Coronavirus Report