What’s Happening In The Market?
May Update
Please note: this data is for April 2020
While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real
estate activity in April slowed significantly.
New Listings were down 61.9 percent for single family homes and 62.9 percent for Condo/TIC/Coop properties. Pending Sales decreased 68.0 percent for single family homes and 72.0 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 5.4 percent to $1,699,500 for single family homes and 6.1 percent to $1,300,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 15.4 percent for single family units and 13.3 percent for Condo/TIC/Coop units.
While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview
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