January 2022: New Beginnings, New Year

Here's our first newsletter of the year! This newsletter will offer a quick overview of last year's housing market and give a glimpse of what is to come for this year. As always you can click on the links, which will guide you to my website to see a more detailed report.

Hope everyone is staying safe and keeping healthy.

Let's get started.

2021 was a strong year for counties and neighborhoods across California as a whole. San Mateo had total of $15.3 billion in total sales, up by around 4 billion compared to 2020. This was the highest sales volume not seen since 2013. The majority of properties sold were houses and most of them were in East Pablo Alto.

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Due to demand for housing, and the low supply, trends show that 2022 will remain strong for the housing market. While the average days on market for houses and condos remained the same on average compared to previous years. 2021 saw around a $5 billion increase in total sales compared to 2017-2020, the highest sales volume in 16 years! Despite critics, SF remains the city to live in.

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Diablo Valley saw similar trends, and saw the average days on market drop by 6 days from 22 days to 16 days. Home sales were highest in Walnut Creek, San Ramon, and Danville.

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Inner East Bay's median house price increased as well but not as high compared to other areas, when comparing it to previous years at 21%. While home buying is on the uptrend, 2021 saw more people leaving then moving in, with an increase of 154% compared to previous years.

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2021 CA Housing Market Survey - Highlights

- 61% of homes sold above asking price

- Changes in buyer preferences for bigger homes, house over condo/townhouse...

- Most important reason for buying: tired of renting, followed by larger home, location

- Housing Affordability hit its lowest percentage since 2008.

Kent Chen

C: 415-933-7432

kent.chen@compass.com

www.sfbayarea-re.com

Follow me on Instagram: @kchenrealtor

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. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

January 2022: New Beginnings, New Year

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January 2022: New Beginnings, New Year

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