2020: The Year in Inner East Bay Real Estate
January 2021 Report
Pandemic, shelter in place, mass unemployment, terrible financial hardships for many households and small businesses, new ways of working, office buildings empty, people move, dreadful fires, and anxious presidential election, interest rates to historic low, stocks markets to new highs, IPO mania breaks out again, vaccines begin to arrive — and, after an initial crash in activity, the real estate market went into hyper-dive, with median home sales prices hitting new peaks. The Bay Area luxury home market in particular was extremely strong. 2020: a year of extremes.
Many factors affect home values: quality of location within the city, architectural style and curb appeal, square footage, condition, views, amenities, extra rooms, parking, decks and yards, privacy, lot size, and so on. There is a vast variety of homes within the region and within cities and how median sales prices apply to any particular property is unknown without a specific comparative market analysis.
Median sales price is that price at which half the sales occured for more and half for less. It is a very general statistic that often disguises a wide range of prices in the underlying individual sales. Median sales prices are often affected by factors besides changes in fair market value. Based upon sales reported to MLS — not all sales are reported. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Late reported sales may alter numbers, though typically only to a slight degree.
Compass San Francisco Bay Area Reports: https://www.bayareamarketreports.com
It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. Many factors affect sales prices besides neighborhood/ bedroom count: quality of location within the neighborhood, condition, size, archetecture, views, amenities, parking, outdoor space, etc.
These analysis were made in good faith with data from sources deemed reliable, but many contains errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundred of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.