Since the pandemic, the market has been bouncing back strongly. In fact, “it’s too strong that I don’t know if the current market condition is worth celebrating,” says C.A.R. Analyst Guillermo Flores.”
Sales up 65% from last April
CA price set another record and soared passed $800k for the first time
Active listing dropped another 50%+ from last year
A typical listing stayed on the market for 7 days, a new record
68% of all homes sold with above asking price; 48% of all sales in the Bay Area had a sold price $100k or more above asking!!!
“Last time when buyers overbid by that much percentage wise was in 2010-2012 when properties were at bargain prices,” says Flores. “Home prices are not at bargain levels now, which makes us believe that the frenzy is driven by emotion rather than logic.
“If the tide/sentiment turned, we are concerned that we may see some setbacks in sales and price.”
Attached is the Citrus Valley AOR report for the last month, but Flores encourages members to read what 2021 C.A.R President, Dave Walsh and VP & Chief Economist Jordan Levine had to say about the market in the April Sales & Price press release.
Also, CVAR members should check the C.A.R. Coronavirus website for the latest industry related updates, along with our CVAR REALTORS® Under COVID blog, which includes the latest Open House info, as well as reports from surrounding communities.
Lastly, if you’re interested in the weekly REALTOR® survey results, visit the CAR Market Data survey site for the latest results. Flores encourages CVAR members to “obtain the results of the survey as well as participate in it weekly.”
“Their input is super valuable and make these reports possible,” he says.