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  • Yvonne Yang

National Real Estate Trends & Insights



It's hard to believe that more than 6 months into COVID-19 the demand for new, unique homes continues to increase. Here's what we're seeing across the country:


  • Mortgage rates have dropped below 3%, the lowest in history.

  • US home prices increase 5.5%, with sales of homes over $10 million up 11% YOY, according to WSJ.

While we never thought it would be possible, we're seeing rates as low as 2.87% and predict this could last well into 2022. 

Buyer Trends

  • Buyers want their very own paradise: Searches for pools have increased more than 1500% YOY.

  • Buyers want convenience: Searches for washer/dryer have increased more than 350% YOY.

  • Buyers want a personal oasis: Searches for outdoor space have increased more than 900% YOY.


Market Watch

Florida


Dade County:

  • Down 36.8% for single-family homes versus the same time last year, and overall inventory is down.

  • The number of sold single-family homes is up 14% over August 2019. 

  • Pending contracts are up almost 43% YOY with 1569 single-family homes in-contract. 

Miami Beach:

  •  Single-family homes sold from June 1 to Sept 1 are up 26% over the same time last year and the average sales price has skyrocketed almost 45% to $4.107,005.

  • Condo sales went down 9.1% in July but the median prices increased to $260,000, a growth of 4.2%.

Palm Beach:

  • Single-family home sales increased by 9.4%.

  • Active listings have fallen 28%.

  • Condo sales are up 7.1% with the median sale’s price growing at 10.8%.


Texas


Austin:

  • July 2020 was a huge milestone with an estimated rise in population to 1 million residents. 

  • Total sales are up in Austin by 12.9%, total sales volume is up 35.3%, and the median price has jumped 11% to $355,000.

  • From January 1, 2020, the numbers of sales are up 35% over the same time period in 2019, and the average price is up 42% to $1,652,155. 

  • Although the sales market is going through the roof, rentals in August fell about 2.6%, a first since 2009.

Houston:

  • The luxury market is the dominating force with housing above $750,000 on the rise with over 40% decrease in  inventory levels, the lowest point since 2015.

Dallas:

  • Dallas County marked a growth of 13.1% in median price, YOY, to $279,000.

  • Closed sales are up 6.3%.

  • Sold houses are up 175%.

  • Pending deals are up 30% over last year. 


California


Los Angeles: 

  • Is currently in a seller’s market.

  • The average list price for single-family homes has reached an all-time high of $1,60,000 with its recent jump of 7.4% YOY.


San Francisco Bay Area:

  • The Median price of Single-family homes broke a new record of $1,068,000 in the Bay Area. 

  •  The median price of single-family homes in San Francisco is just over $1,700,000.

  • Sales in Marin County have increased 35% on luxury real estate properties over 3 million, with over 45 sales in this category.


New York


Manhattan:

  • Pending sales are hovering around 1700 units which are up 18.1% over July but still down 33.7%. 

  •  Inventory is up about 10% to 10,670 but contract signs are growing. 

  • One week saw a 40% growth over the prior week. 73% of those deals were for studios and 1 and 2 bedroom homes.

  • 55% of the deals signed were asking under $1 million.

  • 61% of deals are under $1 million but the majority of pending units are for 2, 3, and 4 plus bedroom homes. 

Westport, Connecticut:

  • Seeing bidding wars with some homes selling $100,000+ over asking in multiple price points.



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