In just two weeks, the Bay Area housing market ground to a near-halt as a result of COVID-19, as well as the recent shelter-in-place orders issued first by San Francisco, then the entire state of California.
According to the California Associaiton of Realtors, while the Bay Area’s sales pace fell 1.3% in February, median prices had risen 5%, with a 10% YOY price increase in San Francisco. However, according to CAR economist Leslie Appleton-Young, “the housing market condition is expected to deteriorate” in the coming months. Socketsite reports San Francisco’s listing inventory has fallen 20% in just three days as sellers pull their homes off the market.
Real estate site Redfin, who lists California as one of six states where home tours are off limits, barred open houses on all of its listings nationwide last week. In places where in-person showings are still allowed, “anyone with a sniffle” should be turned away, CEO Glen Kelman tells agents.
