April Review of Real Estate Market

There seems to be an over abundance of real estate news from hot markets to cold markets to falling rents and pre-foreclosure risks.  Rather than using the Media reports. I have decided to go to the source.  The Multiple Listing Service has reports for every week and month going back in time.  The MLS has reports that give a view of the markets by price range and an analysis of what buyers and sellers are most interested in.  So let's go forward

The "Five Counties New vs Sold" is the first stop on our travel through the real estate marketplace. From March 2020 to March 2021 there were 26,974 "new listing" and 21,891 "sales".  On average it took 22 days to sell.  The average price was $1,022,661.  The total sales for the "Five County Area" was $22,375,718,789.  That was up from $16,239,021,898.

In San Mateo County the Days on the Market (DOM) for March were 18  The price to list was 107%. The average sales price for San Mateo County was $2,311,630 versus $2,294,675 in February.  The total sales for March was $973,196,236.  That was up from February of $658,571,772.

In Santa Clara County the DOM was 16 with sales to list of 108.8%.  The average Sales price was $1,909,259 versus $1,802,292 in February.  The total Sales Volume was $1,853,890,494.  That was up from February of $1,081,383,326.

In San Francisco County the DOM was 23 and the Sale to List price was 112.3%.  The average Sales Price for March was $2,240,548 versus February of $2,258,735.  Total Sales for MArch 2021 was $584,782,967.

In Alameda County the DOM was 13 and Sales to List Price was 113.7%.  The Average Sales Price was $1,253,350 versus February of $1,197,1129.  The Total Sales Volume for March was $1,227,029,432 up from February of $764,965,508.

#5,  Contra Costa County had DOM of 14 and Sales to List Price of 108.5%.  The Average Sales Price for March was $1,145,240 versus February of $1,050,648.  The total Sales Volume for Contra Costa County was $1,172,726,253.

Clearly it was a Strong Month of March in the 5-County Bay Area; irrespective of, what the Media wrote!

Now let's look at the two counties that in state movement occured.  Placer County for Granite Bay and Loomis and El Dorado for El Dorado Hills.

Placer County DOM was 18 and Sales to List was 102.9%.  The Average Sales Price for Placer County was $690,420 versus $669,960 for February.  The Sales Volume for March was $364,736,339 versus $237,835,703.

 El Dorado county DOM was 21 and Sales to List Price was 102.5%.  The Average Price of a Home in El Dorado County was $712,672 versus $622,644 in February.  The total Sale Volume was $180,306,082 in March versus $120,170,304 in February.

The Bay Area real Estate Market is STRONG.  Prices are rising, Days on the Market are short and Price to List is over 100%.  The migration out of the Bay could be attributed to the counties mentioned by the Media as immigration cities.  They too have rising sales prices, short days on the market and sales to list of over 100%.

I am reminded of an old Wall Street saying...The Market Crawls a Wall of Worry. Buy high and sell higher.




Gary McKae

Comments

  1. Maddren HomesMay 4, 2021 at 2:29 AM

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