The county-wide shelter in place order that took effect in mid-March ground most real estate activity to a halt. Our local MLS shut down virtually all activity – no open houses, no brokers tours, no private showings. These restrictions eased slightly with the recent ruling by the State of California that residential real estate is an essential service. Agent activities remain tightly constrained in an effort to slow the spread of COVID.
Yet there are encouraging signs. Just looking at the numbers, our market remains solid. The stock market has regained some of the ground it lost last month. Interest rates remain at historic lows. Inventory is even lower than it was before, strongly favoring sellers. The restrictions in place on real estate activity have significantly dampened the effect of this limited inventory – for now. It’s reasonable to assume (with what we know now) that as COVID-related restrictions gradually ease, our robust local market will return.
Motivated buyers are still actively seeking properties, albeit virtually for the most part. Sales are happening, though at a greatly reduced volume. Business is being transacted, just at a more civilized pace. (Download the complete Market Report here: pam-tyson-san-mateo-ca-real-estate-2020_April_KWPE_Market_Report.)