Though Covid-19 upended many normal seasonal trends this year, the market did begin its typical “holiday season” slowdown in November - however activity remained well above levels of last year. It is unknown how the latest pandemic circumstances may affect the market in December, which is usually by far the slowest month of the year.  

Q3 2020 median home prices around the Bay Area. 

Highest priced listings on the market in early November, and the highest priced sales May through October 2020, by Bay Area County. 

As is typical, the number of new listings plunged in November. In the first week of December - not illustrated on this chart - new listing activity ticked back up from the short Thanksgiving week, but remained well below pre-November numbers. December is usually the month with the lowest number of new listings coming on market.  

Low inventory of listings on the market has been a major factor in the county market this year. 

Market activity as measured by the number of listings going into contract, though dropping in November, was significantly higher on a year-over-year basis: 28% higher than in November 2019.  

This statistic measures demand as compared to the supply of listings available to buy. Since the pandemic began, the condo market has been significantly weaker than the house market as measured by this metric. 

Hotter market = fewer price reductions. 

Luxury home sales by month. The number of luxury home listings accepting offers began to drop in November (not illustrated on this chart), as is normal, and should show up in a reduced number of closed sales in December. Sales usually bottom out in January. 

Santa Clara County is the largest luxury home market in the Bay Area, but since the pandemic, other counties have seen higher percentage rates in the year-over-year increase in sales - especially Sonoma and Santa Cruz (despite the fires), and Monterey.  

Annual median sales prices for houses of 5+ bedrooms, 3+ baths, 3500+ square feet in the more expensive communities of the 4 most expensive counties. 

If you're looking for a home priced $5 million and above, these are the places where you will have the greatest choice of listings. You have a high number of options within the county itself.