Before Shelter in Place
In virtually all Bay Area counties, first quarter and March median sales prices were quite strong. For this reason, we instead will focus on what we can share about Shelter in Place’s impact on the San Francisco housing market.
It’s important to remember that there is a time lag – usually 3 to 6+ weeks – between a new listing coming on market, an offer being negotiated and accepted, and when the transaction actually closes sale. This means that almost all of the sales price data we have, as of the first week of April, still reflects the market BEFORE the shelter-in-place rules went into effect.
The following 5 charts detail the plunge in listing and accepted-offer activity, and the surge in listings being pulled off the market by sellers, over the past 4 weeks. Typically, at this time of year, the first 3 charts would be seeing steady climbs over February numbers, and the 4th chart would have a very low, flat trend line.
Though the numbers are way down, some listings have still been going into contract.