We are seeing a recovery in real estate demand in the Bay Area. New listings and new demand are coming back on the market, and the best properties are being put into contract quickly again.
We are seeing an interesting move – the separation of the “best” properties from the rest. I will outline some trends we are seeing in residential real estate below.
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Trend 1: Sellers are ready to sell and properties are going into contract
We saw some serious strength in new offers that were accepted. This is the definition of a V-shaped recovery in demand that many talk about. It is a good time to start actively looking as sellers may also be willing to bring down their price in this uncertain environment.
Trend 2: Overall the market is still a little colder than last year
Real estate is a cyclical business and we can see that from the chart here. Demand rises from January through early summer. We can see some of those effects playing again this year, but year on year we still see demand lower than 2019. There may be corners of softness in the market for buyers.
Trend 3: Prices still going up
This may be the most interesting chart shown today. Demand and supply are still constrained and we can see that because prices are still going up. Seasonally adjusted, we can see a slight rise and at least stability in pricing. This shows you the resilience of the Bay Area real estate market.