Ruchi Goel - Compass

And we are live! Spectacular new construction in Allied Arts - 6 bed, 7 bath light filled home with designer finishes throughout, the latest in smart home tech and a separate 1 bed/1 bath ADU. Offered at $7,195,000.
631College.com

What's happening in Peninsula real estate? As I look at the Q3 data, here are the trends I see:

- The average size of home sold (in sqft) has gone up
- Median home prices have gone up over Q3 last year
- Condo sale prices are flat to down over Q3 last year
- The number of homes sold is up substantially

While I hear anecdotally about people moving out of the Bay Area, the increased sales volume and rise in home prices suggest there isn’t a mass exodus, as some thought might happen with more people working remotely. However, there is a definite shift in preferences from condos to houses, and from smaller homes to larger homes.

The higher Q3 sales volume was driven by a few things. One is pent-up demand. Many Q2 sales shifted into Q3 due to the lockdown. Low interest rates are also helping to drive sales. Mortgage interest rates continue to break all-time-low records. The 30-year fixed rate is now at 2.87%.

As always, feel free to reach out with any questions!

The rules of engagement in real estate over the past couple of weeks have been changing day to day due to Coronavirus developments. However, with the Shelter in Place order in 6 Bay Area counties, the circumstances have become more clear. For those who are wondering what impact Shelter in Place will have on Bay Area real estate:

- There will be NO open houses or broker tours until the Shelter in Place order is lifted (currently April 7th)
- MLS has announced it will freeze Days on Market for all active listings until Shelter in Place is lifted
- While you may see some listings cancelled or withdrawn during this period, many of these listings will continue to be available off market. In theory, a buyer and seller can still execute a transaction, as long as Shelter in Place is observed.
- Due to the volatility in the stock market, there is increased risk that a transaction falls out of contract. That is the reality of a time fraught with economic uncertainty. To address these uncertainties, there is a new COVID addendum.

Wishing everyone health and safety during this difficult time.