In January, new listing activity started to pick up quickly after the typical annual low hit in December. The numbers of listings going into contract and of listings closing sale in January were both up approximately 37% from January 2020 – very significant increases.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/5-2.jpg” title_text=”5″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/7-2.jpg” title_text=”7″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]In 2020, year-over-year sales of homes $3 million and above saw a significant increase, while the sales volume of homes below that threshold actually declined a little. However, neither statistic does justice to the rapid acceleration in market activity occurring in the second half of the year.
Big jumps in high-price home sales were common around most of the Bay Area last year after the pandemic hit.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/8-2.jpg” title_text=”8″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]The number of price reductions has dropped rapidly from the peaks it hit in late summer, early autumn.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/9-1.jpg” title_text=”9″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]The 2 tables below reflect market statistics and values for Q4 2020 only, which will often be different than those for the full year 2020. It is not unusual for more expensive markets to have softer supply and demand statistics – such as higher average days on market figures, and lower percentages of listings accepting offers within the period – though this is not always the case.
Median sales values can fluctuate for a number of reasons, and are especially prone to do so in markets with low sales volumes.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/10.jpg” title_text=”10″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/11-1.jpg” title_text=”11″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]Luxury home sales by city and price segment:
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/12-1.jpg” title_text=”12″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]The most dramatic surge in luxury home sales occurred in the third quarter of 2020 – a factor in the Q3 peaks in median sales price and average dollar per square foot values illustrated in the first 2 charts of this report.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/13-1.jpg” title_text=”13″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]Below is the first table of a full-year 2020 home value analysis of markets around the Bay Area, ranked by median sales price, highest to lowest. The peninsula has a large footprint at the top of the list. The full report and home price map are here: Bay Area 2020 Home Prices.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/14.jpg” title_text=”14″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_text _builder_version=”4.8.2″ _module_preset=”default”]Two of the factors behind the housing market recovery after the pandemic first hit were the dramatic drop in interest rates, and the significant rebound in the stock market – especially in the stocks of some of our local high-tech giants.
[/et_pb_text][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/15.jpg” title_text=”15″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/16-1.jpg” title_text=”16″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/17.jpg” title_text=”17″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/18-scaled.jpg” title_text=”18″ force_fullwidth=”on” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][et_pb_image src=”https://carolinedinsmoreandco.com/wp-content/uploads/2021/02/19-1-scaled.jpg” admin_label=”Image” _builder_version=”4.8.2″ _module_preset=”default”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section]