Covid-19 extended the selling season well into September with seventeen more single family homes sold in September than in August. Traditionally, the summer months and especially August is subject to a seasonal slowdown due to vacations and preparations for the new school year which distracts buyers from home shopping. While we saw some homes not selling particularly well in August, we also saw many homes being held off the market until September. With more inventory comes lower performance demonstrated by the fact that while inventory was up from September over August, list prices, sale prices and sale prices over list prices were DOWN from August to September.
Year over year, September single family houses sold for $32,000 more, townhomes sold for $68,000 more, but condos sold for $83,000 less compared to September 2019. In other words, houses appreciated at a meager 2%, townhomes appreciated at 9% and condos depreciated by 12% from September 2019 to September 2020. Remember, we were already in a shifting market before Covid-19 hit which caused a sharp dip and sharp rebound in the housing market. The first sign in any shifting market is the condo market so when people ask me, "How's the market?" My answer is always, "It depends." For a detailed analysis and consultation about your specific property please call or email us today.
Aside from the virus, fires and smoke, the election is now a major distraction as people wait to see what will happen come November 3rd. There are also important measures affecting property owners on the ballot as well so be sure to get out and vote!
Prop. 15 repeals taxpayer protections on commercial properties currently included in Prop. 13. Prop. 19 allows people over the age of 55 to downsize and sell their long term house and take their low property tax base with them anywhere in California. The replacement house must be of equal or lower value to the house being sold. The downside is that if a house is passed down to the heirs, the heirs only get to keep the low tax base for one year and must make the property their primary home. Otherwise, the house gets reassessed and the inherited property is no longer eligible for property tax savings. Prop. 21 allows local governments to apply more forms of rent control on residential properties over 15 years old.
