San Francisco Bay Area Market October 2020 Update
Looking at the home prices of October, it’s as if bay area home buyers weren’t deterred by the uncertainty of presidential election. Median home prices generally see a substantial increase from 5% to 17% year-to-year, consistent with the previous month’s.
In terms of the winter inventory, California Association of Realtors reported the demand outpaced the supply across all regions of California. In fact, California as a whole is seeing the lowest level of inventory since 2004.
Other indicators that support a higher price winter include:
- List prices overall ticked up
- Sale to list price inched up
The price gap between single family homes and condos continue to widen as more and more tenant occupied condos become vacant. With rentals laws lopsidedly favors tenants during the pandemic, many condo owners would rather sell the condos than putting them for rent again. If you are on a limited budget and thinking about buying a place to call home, let us know and we can find you some good condo deals.