What’s Happening In The Market?
Please note: this data is for March 2020
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
New Listings were down 57.4 percent for single family homes and 56.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 28.6 percent for single family homes and 40.8 percent for Condo/TIC/Coop properties. The Median Sales Price was up 0.2 percent to $1,652,500 for single family homes and 2.0 percent to $1,270,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 36.0 percent for single family units and 40.0 percent for Condo/TIC/Coop units.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview