It is hard to believe that it has been 12 weeks since our Stay-In-Place order on March 16. Many lives have been impacted! The way we live, the way we look at everything, might have changed for many of us. One thing for sure that will never change - the need for a roof over our heads.

Many people have been predicting an adjustment, a crash in our real estate market for some times now. And the global/local COVID-19 pandemic seem to be the perfect excuse for a crash. Contrary to some expectations, our real estate market remains strong. In fact it has been more active in May as you can see. The number of home pendings are almost double from April for Santa Clara County Market.

The Median price for home sold in May remain the same compared to March and April. The one indicator that's worth noticing - Days on Market (DOM), this is the number of days from the time a home is listed to the time that it receive an offer and change to pending status. The average DOM drops dramatically in May. It took an average of only 7 days for a home to get an offer from the time it hit the market!

This is most likely due the low interest rate that the Fed continue to keep low to the keep the economy going! I personally never expect interest rate for a 30 years fixed to be below 3.000%. Do I expect the market to continue to remain active? Yes!!! Summertime is typical busy times. I am experiencing the same dynamics going into this summer. There are precaution measures for buyer/sellers. The California Association of Realtor has implemented a COVID disclosure that buyer and seller should be fully aware of prior to making appointment to visit your dream home.

Happy buying, happy selling! Let's keep the economy going strong and not let COVID change our life more than it already have.

Nick Pham | 408.425.5304 | DRE: 01365281

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