Market activity begins to tick up after severe shelter-in-place plunge. Median home sales prices are up. Interest rates hit new low.
Shelter-in-place caused steep drops in activity across the board in what is typically the busiest selling season of the year. However, though still far below normal levels, activity has been picking up since bottoming out in late March/early April, and will presumably continue to do so with the easing of both shelter-in-place and property-showing rules.
So far, home prices have increased, but a fair proportion of the sales behind April median sales prices still reflects offers accepted prior to shelter in place. Interest rates hit a new historic low in the last week of April.
Week by Week Supply & Demand Trends
The only way to clearly perceive the recent changes in the market – sudden plunge and the beginning of recovery – is by looking at WEEKLY trends in buyer and seller activity. These are illustrated in this first chart below.
Year-over-Year Monthly Activity Comparisons
The next series of charts reflects the dramatic changes in market dynamics by MONTH as compared to spring 2019. These don’t illustrate the uptick in activity in the most recent weeks.
Attractive Interest Rates Persist
Per Freddie Mac, on April 30, 2020, the weekly average 30-year interest rate was 3.23%, an all-time low. In November 2018, the rate hit 4.94%. In 2007, the average was 6.3%.
If you were considering buying a new and never lived-in condo residence before the Shelter in Place order, there is a window of opportunity right about now. Click on any of the following new developments for a sampling of inventory available on MLS. Contact me more for offerings and info on buyer deals.
3 Bedrooms / 2 Baths / 1 Parking with EV Charger / Mission Bay
Residence 1507 is a turnkey 3 bedroom, 2 bath corner residence with approximately $250,000 in upgrades and furnishings. This 1565 square feet corner home has big views of the San Francisco Bay, Mission Creek canal, and the city skyline. The grand scale entertaining space is perfect for family and social gatherings.
Built in 2016, Arden’s amenities are suited for today’s lifestyle and include: an outdoor entertaining area with dual BBQs, an adjoining lounge with kitchen, TV and pool table, a lap pool and spa, a fitness center, dual lobbies with lounges and more.
Lowest Priced 2 Bedroom At The Brannan
An Amazing Floor Plan with 2 Master Suites!
ADDRESS: 219 Brannan Street #3H
2 Bedrooms / 2 Baths / 1 Parking / South Beach
Live at The Brannan in South Beach. This thoughtfully designed 2 bedroom urban home has a unique floor plan with dual, separated master bedroom suites. The residence also features a formal foyer and a large living/dining area with sliding doors to a balconette. There’s new wide plank white oak hardwood flooring throughout. Included is one car deeded parking and additional storage.
Enjoy 5 star amenities that include: a full time lobby attendant, concierge services, a 75′ heated lap pool, a whirlpool spa, a 3,000 sq.ft. gym and an outdoor entertainment area. The Brannan is one of South Beach’s premier luxury highrises.
Parc Telegraph Stunning Build Out
Totally Re-imagined! Beautiful Water Views!
Address: 111 Chestnut Street #601
2 Bedrooms / 2 Baths / 1 Parking / North Waterfront
Residence 601 at Parc Telegraph is an almost new, reimagined urban home. The Sellers redesigned the layouts of the kitchen, baths, and laundry, moved interior walls and upgraded the plumbing, electrical, and insulation. They installed custom cabinetry in living room, dining area, kitchen, and laundry
Designed with state of the art finishes, the upgrades, too many to name all, include:
Custom kitchen by Bentwood Luxury Kitchens
Miele kitchen appliances
Subzero Designer Series refrigerator-freezer
Fireplace by Avanti with pull-out cabinetry housing
In cabinet electrical lift system for flatscreen TV by Autron
Built-in sound system
Custom lighting and electrical
Heated floors in both bathrooms
Offered at $1,990,000
111 Chestnut Street