We anticipate the most robust quarter we’ve seen since the peak of the pandemic in Spring ‘22, which was the all-time high for residential real estate in the Bay Area.
Since December 2023, we have “felt” a shift in the market. Buyers were motivated and more bullish about pursuing homes; sellers began calling again with the intent to put their homes on the market soon, and the overall sentiment was positive after nearly two sluggish years.
This positivity was buoyed by interest rate declines (after a 15+ year high in Oct ‘23) and the stock market reaching new heights in the first quarter of this year. This combination directly impacted future homeowners' buying power.
This shift resulted in well-attended open houses, fewer days on the market, and the return of auction-style pricing (homes listed on the low end of the range to garner multiple offers and drive a sale above Fair Market Value).
What we “felt” collectively about the shifting market is now supported by the data recently released by Patrick Carlisle, Compass’ Chief Market Analyst. As Patrick notes, San Mateo and Santa Clara Counties are on track to reach the peak of the pandemic boom in Spring 2022.
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