What’s Happening In The Market?
Please note: this data is for February 2020
As we progressed through February, the actual and expected impacts of COVID- 19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
New Listings were down 3.7 percent for single family homes and 1.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 4.9 percent for single family homes but increased 1.8 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 7.3 percent to $1,610,000 for single family homes and 14.0 percent to $1,288,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 16.0 percent for single family units and 10.3 percent for Condo/TIC/Coop units.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview