The Bay Area continues to see a scorching hot real estate market. While many sellers put off selling their home during the stay-at-home order due to the pandemic, buyer interest never really waned. Low interest rates, a desire for more space and outdoor area drove buyers to continue their hunt for a home. While this did effect some areas negatively (think condos in South Beach, SoMA, Downtown and other tech-company heavy areas of the City), for the most part — and particularly for single family homes — the market has been insatiable. Inventory remains very low in spite of the double-digit percentage increases in new listings in April and demand has not slowed down yet.
Median Sales Price:
The median price for homes increased year-over-year. Homes in the 94014 zip code increased 29.6% to $1,075,500 while homes in 94015 increased 28.2% to $1,250,000. Limited inventory and high buyer demand continues to put upward pressure on home prices as buyers compete for a limited supply of homes.
Zip code 94014 had 28 new listings, up almost 65% year-over-year. Zip code 94015 had 35 new listings, up 75% compared to the same month last year. Last April was the first full month of the stay-at-home order when many homeowners pulled their home off the market or postponed putting their home on the market due to the health emergency. Still, more inventory is still needed to satiate buyer demand.
Active listings are the number of listings still available for sale at the end of the month. Active listings in zip code 94014 decreased almost 27% compared to last April. Active listings in zip code 941015 decreased almost 32%. All of this points again to a seller’s market where homes are snapped up quickly.
Thirty homes sold in zip code 94014 in April, an increase of 30% year-over-year. Zip code 94015 had 34 homes close in April, a 112% increase compared to last April when only 16 homes sold.
Percentage of Properties Sold Over List Price:
The majority of homes in Daly City sold for more than their list price in April. Over 83% of homes in zip code 94014 closed above their list price, up 6.4% year-over-year. In zip code 94015, 88% sold above asking price. The real estate market continues to be hot, with Daly City homes in demand.
Average Percentage of List Price Received:
On average, homes in zip code 94014 sold for 108.6% of their list price, up 2.3% compared to April 2020 and also up slightly compared to last month. Homes in zip code 94015 sold for an average of 111.9%, also up compared to last month and up year-over-year by 1.5%.
Average Days on Market:
Homes in zip code 94014 spent an average of 25 days on the market before accepting an offer, a year-over-year increase of more than 50%. Homes in zip code 94015 spent an average of 24 days on the market, up 14% compared to April, 2020.
Month’s Supply of Inventory:
Zip code 94014 had just 1.4 months of inventory in April, down 39% compared to last year. Zip code 94015 had just .8 months, of inventory. This is a 33% decrease year-over-year. We are clearly in a seller’s market, defined as less than about 5 months of inventory.