I hope everyone is doing well 🙂
So, we all know that the Coronavirus is and will continue to impact the economy, but how is it affecting the local real estate market compared to this time last year?
According to our local MLS, Santa Clara County saw 204 fewer new listings come on the market, while San Mateo County dropped from 115 in 2019 to only 48 new listings between March 23rd and 29th, 2020.
With purchase applications dropping by 23% in California, and a record high 186,809 unemployment fillings in week ending March 21st, potential buyers might hold off until the spread of the virus slows and its economic impact is better understood.
Please do not hesitate to reach out If you have any questions, or if I can help in any way.
Take care 🙂