Our January report focused mostly on 2020’s annual statistics. This report will put most of its attention on quarterly and monthly indicators, which better illustrate changes occurring as 2020 progressed and 2021 began.
In January, new listing activity started to pick up after the typical annual low hit in December, and the number of new listings was significantly higher than in January 2020. The number of listings accepting offers in January was also higher - up 36% year-over-year: A dynamic beginning to the 2021 market.
Regarding the first chart: The second half of 2020 was consistently a very heated, high-demand period, but Q3, coming not long after shelter-in-place hit home in San Francisco, saw particularly feverish activity - especially for luxury homes. Luxury home sales in Q3 were up a staggering 150% year-over-year. This caused the abnormally large Q3 jump in median sales price.