A Strange Year Begins Winding Down
Though Covid-19 upended many normal seasonal trends this year, the market did begin its typical “holiday season” slowdown in November – however activity remained well above levels of last year.
It is unknown how the latest pandemic circumstances may affect the market in December, which is usually by far the slowest month of the year.
More importantly, we hope you and your loved ones stay safe and well during this challenging holiday season.
This first chart tracks percentage changes in median house sales price since 1991. It is based upon the Q1 2000 price being indexed to 100: A reading of 50 signifies a median price half that in Q1 2000; 200 means the price has doubled since then. In early 1991, the San Mateo County median house price was about $300,000; it is currently running about $1,700,000.
The San Mateo monthly median house sales price often fluctuates without great significance. The longer-term trend (as seen in the chart above) is more important than short-term changes up and down.
Q3 2020 median house sales prices (and the SF median condo price) by county:
The biggest year-over-year increases in dollar volume sales since the pandemic hit occurred in counties where population densities are lower.
Highest priced listings on the market in early November, and the highest priced sales May through October 2020, by Bay Area County.
As is typical, the number of new listings plunged in November. In the first week of December – not illustrated on this chart – new listing activity ticked back up from the short Thanksgiving week, but remained well below pre-November numbers. December is usually the month with the lowest number of new listings coming on market.
The total number of active listings saw a corresponding drop in November.