January and February have historically been two months when home buyers can get a jump on the early springtime market, but not this year. In June 2020 we saw inventory begin to rise as consumer confidence increased, but a strong Fall market brought inventory levels back down. With low mortgage rates and lower inventory, home buyers are seeing lots of competition, especially in the first-time home buyer market.
For example, in Newark a spacious 3 bed/2.5 bath home isn’t priced much differently than it would have been in the spring and summer months. This market trend data is available on each listing page on ToriiHomes.com (see the “Details” tab for this information).
P.S. Use the Monthly Market tool free on our site to see how each zip code’s sales have changed month to month.
December 2020 Sales Recap in the Bay Area
Lowest listing price (by total amount in $): Lower Nob Hill
Lowest sales price (by total amount in $): Lower Nob Hill
Most homes sold in December 2020: The Mission (94110) is still the area with most homes sold
Highest number of days on market: Mission Bay (94158) at 126 days on market, which is not unusual for a higher price point area (December 2020 price per square foot in Mission Bay was $1,256)
Lowest number of days on market: Outer Mission (94112)
Lowest price per sq ft: Hunters Point (94124) at $678/sq. ft., a 10% increase from springtime
Highest price per sq ft: $1,256 per square foot would get you a Mission Bay property
Keep in mind that this data is based on closings in December 2020. Most June closings would have had offer dates in October or November.
Winter Outlook for Greater Boston’s Real Estate Market
Torii’s resident experts agree that home buyers who are comfortable moving forward in a competitive market should consider looking to buy sooner than later. Jarman Marougi, one of Torii’s Bay Area-area expert agents, agrees with Torii Boston’s Jason Carter, “Prices continue to rise due to a shortage of inventory and massive demand fueled by low interest rates. If you’re comfortable navigating the competition I advise moving forward now rather than waiting to buy.”
For more info on the current market, see https://www.torii.properties/monthly-market. If you’re ready to buy and need to talk to a lender, we’re happy to introduce you to one of our lending partners who we know and trust. Just email us firstname.lastname@example.org