7 Months after the Pandemic Hit
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The table below compares Q3 statistics across 5 years. Three charts further down we will discuss one of the dynamics behind the huge year-over-year increase in median house sales price.
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Median House & Condo Sales Prices by Quarter
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Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger, more expensive houses. Both dynamics are currently at play, but it is certain that affluent and very affluent buyers have made up a dramatically increasing percentage of the total market throughout the Bay Area. In San Mateo County, the average size of houses sold in Q3 jumped a whopping 11% year over year, which explains some of the enormous increase in median house sales price.
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The next chart measures the annual percentage ups and downs in median house sales price since 1994. The 2020 YTD percentage will almost certainly change, one way or another, by the time full-year sales data is in.
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4 Supply & Demand Indicators
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Median House Sales Price Trends in Selected Cities
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Santa Clara County Real Estate
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7 Months after the Pandemic Struck
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The table below compares Q3 statistics across 5 years. This year, the pandemic pushed the typical heat of the spring Q2 market to Q3. As mentioned in previous reports, the condo market has been softer than the house market, a common dynamic in most of the Bay Area.
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Median House & Condo Sales Price Trends by Quarter
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Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger, more expensive houses. Both dynamics are probably currently at play, but it is certain that affluent and very affluent buyers have made up a dramatically increasing percentage of the total market throughout the Bay Area. In Santa Clara County, the average size of houses sold in Q3 saw a large year-over-year jump.
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Annual percentage changes in median house sales price: The 2020 YTD percentage will almost certainly change, one way or another, by the time full-year sales data is in.
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Median House Sales Price Trends by City & by San Jose Neighborhood
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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