The US housing market had a great year in 2020, and the circumstances ahead should make the forecast for year 2021 an amazing one.. With low inventory, delayed construction, latent buyers ready to pounce, and a cash rich buyer pool, a 20% year over year price growth rate by May isn’t outlandish. In San Francisco, the average days on market was three days longer than last year, at 30 days vs. 27 days. Five of the hottest counties in the areas reported higher than expected sales in October 2020, showing how the area is continuing to thrive and attract investors from across the country. Construction costs in the Bay Area rose by 6.7% during 2018, making San Francisco the most expensive real estate market to build in. October was an exciting month for Bay Area real estate buyers and sellers – despite an ongoing pandemic. Bay Area’s DoorDash to pay $2.5 million after being accused of stealing drivers’ tips Real Estate Homeless Oaklanders get $2,500 cash to vacate private property Typically, increases in demand are met with increases in supply to reduce pricing, but in San Francisco’s housing market this is not the case.. Of course, the tech sector is likely to rebound and this will add further pressure onto housing prices. Housing Market Forecast 2021. Outside of San Francisco, the Bay Area COVID-19 real estate market has been red-hot, with few homes for sale, quick deals, cash transactions and high-end, spacious properties selling for a … This is another favorable factor for buyers, who have a little more time to decide this year. Another sign that the Bay Area real estate market is softening is that it’s taking slightly longer for homes to sell. Super low interest rates and the opening of shelter-in-place restrictions have sent the Bay Area real estate market into a whirlwind. Bay Area real estate market is busy, sales and cost are up Maureen Naylor reports. … How COVID-19 has affected the Bay Area housing market. Karin Cunningham, Berkshire Hathaway Home Services, 650 … San Francisco is the softest spot in the Bay Area’s mostly booming real estate market, and its condo segment is weakest of all. With social distancing in effect, SF homes are like sunken treasure—incredibly valuable, but impossible to reach .
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