Housing markets across the Bay Area have been taken on a wild ride ever since the Covid-19 pandemic hit in early 2020. At first, shutdowns and stay-at-home orders seemed to moisten housing activity. But after several months of the Covid-19 pandemic. Housing real estate markets began to bounce back and, many of them, with vengeance. Some of the top Bay Area real estate market are such as –
Irvine
Irvine is situated in Orange Country, southeast of Los Angeles. It is one of the fast-growing cities, with a population of 300,000 up from a little over 213,000 back in 2019. New listings of real estate homes for sale are up by 32% since last year from 273 new listings in May 2020 to 360 in May 2021. What’s more, pending real estate homes sales have tripled (236.2%) over the same period of time, going back from 105 last May to 353 in May 2021.
Not surprisingly, this hot housing market trend has led to a vivid decline in available inventory. From 771 real estate homes for sale in May last year. Irvine’s inventory has declined by just under 50% reaching 393 real estate homes for sale in May 2021. Since last May, the median real estate home sale price in Irvine has grown up by more than $100,000 from about $870,000 to $976,000.
Fremont
The Bay Area real estate market is nearly always encompassed in high demand and high prices. Fremont, however, is hotter than most cities in the Bay Area. The median sale price in Fremont is up over $200,000, climbing from $1.025 million in May 2020 to $1,268 million in May 2021. New real estate home sales listings have surged by more than 55%. While the number of pending real estate home sales has doubled (136.4%) from May 2020 to May 2021. At the same time, available inventory has taken a hit, declining by nearly 40%, from 208 homes for sale last May, down to 125 homes by end of May 2021.
Oxnard
Oxnard is located in Ventura Country, roughly 60 miles west of Downtown Los Angeles. This is perceiving a lot of activity in its housing market in 2021. Available inventory has gone down strongly since the last year. The number of real estate homes for sale is nearly halved, from 302 homes available in May 2020, down to just 156 homes in May 2021. Over the same period, pending real estate homes for sale have doubled in number (109.2%), from only 65 in May 2020 to 136 in May 2021. The median real estate homes sale price in Oxnard has risen substantially, by 23.1%, from $519,000 in May 2020 to $639,000 in May 2021.
Elk Grove
Elk Grove is a sizeable suburb of nearly 180,000 people situated outside Sacramento. As the Bay Area real estate market reawakened in the wake of the Covid-19 pandemic, Elk Grove in particular has taken off. Both the number of new real estate home listings and pending real estate home sales have increased by nearly 25% from May 2020 to May 2021. At the same time, available inventory has declined in response to increased demand. From 195 real estate homes for sale in May 2020. Available inventory has decreased by 62.6%, down to just 73 homes for real estate home sale in May 2021. Over the same period, the median real estate home sale price in Elk Grove rises above by a profound 36.4% from $440,000 last May to $600,000 as of May 2021.
San Jose
San Jose housing is one of the largest cities in Silicon Valley. This housing has been in high need for a while, going back to the dot-com bubble of the late 1990s and early 2000s. Since the last year, the San Jose housing real estate market has gotten even hotter. The number of new real estate home listings is up by 50%, from 709 in May 2020 to 1,064 in May 2021. Over the same period of time, the number of pending real estate home sales listings has breached rising by 118.6%, from 510 sales pending last May to 1,115 as of May 2021. Meanwhile, available real estate inventory has declined rapidly, by nearly 36% from May 2020 to May 2021. Over this one-year period duration, the median real estate home sale price has increased by just under 24% from $1.03 million to $1,275 million.
Wrap Up
In summary, the high demand present in the Bay Area real estate market has buoyed home prices. Inventory for single-family homes and condos will feasible decline further this year. And fewer sellers will likely come to market, potentially lifting prices higher. Overall, the housing market has shown its resilience through the Covid-19 pandemic and remains one of the most valuable asset classes. The data show that real estate housing has remained persistently strong through this period.
