SAN FRANCISCO, Calif. (KRON) – The competition remains fierce for homebuyers in the Bay Area. As summer approaches the pace of properties being sold is really heating up.
According to a recent analysis of the Bay Area housing market by Zillow, the month of April saw the demand outweigh the supply leading to properties being sold at an unusually accelerated rate — That includes traditionally hot real estate markets like San Francisco.
“1/4 of homes coming off the market in less than a week and 3/4 of homes coming off the market in under a month,” Nancy Wu, Zillow economist, said.
Zillow economist Nancy Wu talks about some of the drivers pushing the pace of home sells.
“The speed in which homes are coming off of the market is in large part due to the fact that there has been a lot of technology that makes the process of home buying more efficient. Interest rates have been a big reason why many buyers are coming out to the market. We saw record-low interest rates in the pandemic,” Wu said.
In the San Francisco Metro housing market:
- 26.1% of homes sold within 7-days
- Nearly 86% sold within the first month
- 27% of the least expensive homes sold within a week
Similar results in the San Jose Metro housing market where only 10% of homes lasted two months or more on the market.
“What we are seeing is that buyers have a renewed sense of optimism in the market. That’s happening because of vaccines and the change in the administration,” Rachel Bernard, Level Up Group SF, said.
East Bay realtors say that same speed in which properties are being sold in San Jose and San Francisco is consistent in places, like Antioch as well.
“We will list a property on a Monday this week and by next Monday or Tuesday at the latest, we’re taking offers, in my case I received 11 offers on my property,” Sandi Porter, Berkshire Hathaway Homes, said.
More than 2/3 of housing experts surveyed by Zillow say they expect inventory to begin growing again later this year or in the first half of 2022 which will help cool the hot pace of sales.