Today we will be going over the single family home market report for the city of Fremont which is part of the greater San Francisco Bay Area. As we continue to go through this pandemic a lot of people are concerned where the market is headed. The California housing market is one of the strongest housing markets in the country, with the Bay Area housing market being at the forefront of it. You must have noticed that during the months of March, April, May and even June there were not very many homes for sale in your neighborhood. Although the mortgage rates continued to be at all time lows the home inventory was very low as sellers held back on putting their homes on the market due to the fear of the virus spreading and uncertainty of the market.
In today’s video we will look at the average and median prices of homes that sold in the city of Fremont in the month of July 2020 and compare them to July 2019. We will also look at the number of homes sold YTD and see how COVID-19 has really impacted the local market in Fremont, CA. The local market in this city has experienced tremendous appreciation on property values year over year. This city is strategically located and has access to all the major highways that connect to other parts of the Bay Area. It is a very desirable place to stay if you are looking for great community and schools. Buyers are attracted to this city due to its unique microclimate and beautiful lifestyle.
Currently there are just too many buyers in the market and not enough sellers, there is a huge shortage of inventory. But there has been a shift in the last few weeks as more homes have started to come on the market for sale. Also a lot of sellers are realizing the upside of selling in this hyper-competitive market. We will see more homes hitting the market in the weeks to come.
Usually you see the summer market being very busy with lots of transactions happening and then you see it taper down in the months of October and November. But since we did not really have the best summer, I suspect the market will stay very active all the way up until December. So if you were in the market looking before the pandemic and had stopped looking now is the time to be back at it. You will have lots of opportunities to find deals on homes as we see more homes coming on the market for sale.
Watch the video to find out what the numbers look like in the Month of July 2020.
We will look at the below metrics:
-Number of Homes sold (units)
-Average sales Price
-List Price Vs. Sales Price
-YTD Units Sold
I hope this video was insightful to you. I look forward to bringing you more useful and practical content on the real estate market! Thank you for turning in.