Market demand for houses across The Peninsula remained very strong in the second quarter of 2021. Current indications are that the 2021 calendar year volume levels will stay at exceedingly high levels. There were 477 sales in the nine markets we cover across The Peninsula representing a total volume of $932M in sales. This volume level is well ahead of Q1, 2021 and nearly three times the volume recorded in Q2 of last year.

 

There are two important facts to note in this quarter’s results. First, the year over year comparisons look extraordinary because we are comparing a very healthy Q2 of 2021 against the Covid impacted Q2 of 2020. Last April and May, sales activity was severely impacted by Covid health and regulatory restrictions. Second, this last quarter proved that the level of out-of-market demand has remained very high. Sales levels in Q2, 2021 are for the most part up from last quarter and only modestly behind Q3 and Q4 of last year, when we experienced record breaking quarters in nearly every market across The Peninsula.

 

Another current driver in the market is the extremely low inventory of homes for sale. This recent quarter ended with 233 listed properties across all nine markets we track, compared to 454 at this same time last year. With inventory down almost 50% and demand remaining high, we are seeing measurable increases in home values.

 

The market has also been experiencing multiple offers on a large percentage of new listings. This is a new phenomenon for our market and has added a level of complexity for both the buying and selling side. While each scenario is unique, we are just now getting helpful data to inform decisions based on location, price, demand, and other factors.

 

We hope you will find the attached quarterly report informative. As always, please be sure to contact us if there is anything we can do to help you, or your friends and family, with real estate plans in our marketplace.