The sellers market continues

Green Escrow | Real Estate Market News

Tight inventory, low interest rates, and pent-up demand combined to produce a sales price to list price ratio in the Bay Area of 108.2% in April. Five of the nine Bay Area counties saw a triple-digit increase in sales.

Rents and condominium sales continue to decline with the more expensive rental areas – San Francisco and San Jose – seeing the steepest decline. Analysts expect this trend to continue throughout 2021.

As of late May, the average rent for a one-bedroom apartment in San Francisco is $2,650 which represents is a 20 percent decrease compared to 2020.

Still a seller’s market…

Green Escrow | Real Estate says sellers still dominate the real estate but does offer one caveat based on last week’s activity. Home prices continue to rise – median listings were up 10.8 percent annually – the fastest pace in over two years.

The average time on the market for a home is 12 days less than a year ago. Buyers continue to move very fast in an effort to beat out the competition and lick in low mortgage rates.

As to that caveat: last week buyers demand dropped slightly while the number of new listings showed a smaller decline than had been seen recently. Whether this is a trend or a one-time thing remains to be seen.