San Mateo County
As I am sure you will agree, the year 2020 will go down in history as one of our Nation’s most difficult. Who could have foreseen in 2019 that we would undergo political and social turmoil, a deadly pandemic and a bitterly contested Presidential election?
By mid-March 2020, my team and I thought we were headed into a dramatically slowing market. Little did we know that we were about to face one of the most robust real estate markets we had seen in years. In 7 months, I personally sold 28 homes totaling $54M in sales.
For six weeks after Shelter In Place (SIP) began, the local housing market came to a standstill until early May. At that point, people began to realize that working and educating our children from home would soon become our new “normal”. With that, people began to re-evaluate their housing needs.
What we saw was a tremendous upheaval in our housing marketplace. The most popular keyword search term on our company website was “Outdoor Space”. People from San Francisco decided to move to the suburbs for more space. We saw a rise in condo and townhome sales as sellers wanted to upgrade into single family homes. People in 3-bedroom single family homes needed more rooms for an extra office or a “zoom room” for their kids to attend school online. Those who owned 4-5 bedroom homes who were nearing retirement decided to take advantage of the historically low interest rates and move out of the area to low or no-income tax states like Washington and Nevada.
Despite not being allowed to have open houses, our housing market became frenetic. Home values on the Peninsula began to shoot up again, multiple offers became the norm and homes were selling within a week to 10 days. With interest rates still hovering at historical lows in the high 2%/low 3% range (depending on loan size and loan product) and low inventory, we continue to see much of the same as we ease into 2021. We expect it to continue well into the second half of the year.
I will continue to keep you apprised as the year wanes on. If you have any additional questions, please do not hesitate to reach out.