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October 13, 2020
Your Real Estate Update 10/14/2020
Good morning Friends!
Despite a pandemic and wildfires, Bay real estate markets are hot — leaving realtors to believe the ‘exodus’ is overblown.
You may have heard people are fleeing California — fed up with fires, smoke, and tiny apartments during a pandemic — especially those who can work remotely,
but real estate experts agree: The notion of a mass California exodus has been overhyped.
Yes, rents have dropped in pandemic-era San Francisco, but less so in the East Bay and other areas of the region that allow people more space — suggesting most people are moving within the Bay, not out of it.
Additionally, in terms of home sales, the market remains robust, even reaching new heights.
The median price for a single-family home in the Bay Area reached a record high of $1,068,000 in August, up 18.7% over a year earlier.
That increase reflects both actual appreciation and a shift toward higher-dollar transactions that skew the median figure.
If you or anyone you know is thinking about buying or selling, call me anytime. I’m here to help!
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