Search
  • 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.



14 views
WHAT'S UP?
LAST EVENT
CONTACT

CURRENTLY PENDING

1405 Cedar Pl, Los Altos, CA 94024

4397 Muirwood Dr, Pleasanton, CA 94588

4553 Niland St, Union City, CA 94587

2455 Chabot Ter, Palo Alto, CA 94303

1269 Avenida Benito, San Jose, CA 95131

38916 Tobira Pl, Newark, CA 94560

Currently Sold

350 San Domingo Way,

Los Altos, CA 94022

167 S San Antonio Rd, Los Altos, CA 94022

Tel: (408) 674-4418
Calbre: 01371905

Email: yvonne@yvonneyanghomes.com

Currently Sold

457 Sierra Vista Ave #5,

Mountain View, CA 94043

© Copyright 2020 Yvonne Yang, All Rights Reserved

  • contact-me-icon-63
  • img_179745
  • w-facebook
  • White Instagram Icon
  • White LinkedIn Icon
  • White YouTube Icon