National Real Estate
Trends & Insights
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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:
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Mortgage rates have dropped below 3%, the lowest in history.
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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.
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Buyers want their very own paradise: Searches for pools have increased more than 1500% YOY.
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Buyers want convenience: Searches for washer/dryer have increased more than 350% YOY.
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Buyers want a personal oasis: Searches for outdoor space have increased more than 900% YOY.
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Dade County:
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Down 36.8% for single-family homes versus the same time last year, and overall inventory is down.
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The number of sold single-family homes is up 14% over August 2019.
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Pending contracts are up almost 43% YOY with 1569 single-family homes in-contract.
Miami Beach:
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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.
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Condo sales went down 9.1% in July but the median prices increased to $260,000, a growth of 4.2%.
Palm Beach:
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Single-family home sales increased by 9.4%.
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Active listings have fallen 28%.
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Condo sales are up 7.1% with the median sale’s price growing at 10.8%.
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Austin:
- July 2020 was a huge milestone with an estimated rise in population to 1 million residents.
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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.
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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.
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Although the sales market is going through the roof, rentals in August fell about 2.6%, a first since 2009.
Houston:
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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.
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Dallas County marked a growth of 13.1% in median price, YOY, to $279,000.
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Closed sales are up 6.3%.
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Sold houses are up 175%.
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Pending deals are up 30% over last year.
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Los Angeles:
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Is currently in a seller’s market.
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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.
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The Median price of Single-family homes broke a new record of $1,068,000 in the Bay Area.
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The median price of single-family homes in San Francisco is just over $1,700,000.
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Sales in Marin County have increased 35% on luxury real estate properties over 3 million, with over 45 sales in this category.
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Manhattan:
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Pending sales are hovering around 1700 units which are up 18.1% over July but still down 33.7%.
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Inventory is up about 10% to 10,670 but contract signs are growing.
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One week saw a 40% growth over the prior week. 73% of those deals were for studios and 1 and 2 bedroom homes.
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55% of the deals signed were asking under $1 million.
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61% of deals are under $1 million but the majority of pending units are for 2, 3, and 4 plus bedroom homes.
Westport, Connecticut:
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Looking to buy your dream home? Ava Chang is a Realtor at Compass. If you are thinking of buying or selling a home in the Bay Area, connect with Ava at [email protected] | avachang.com
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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