Since the start of the Pandemic, many Bay Area urbanites seem to be heeding the call to go east and north. San Francisco’s Chief Economist Ted Egan last week conjectured that the City’s 43% sale tax drop is being triggered by a rare drop in population.
Other indicators are falling rents and BART ridership, which is now at 25% of normal. Home prices are up the most in Marin, Napa, and Contra Costa counties. Many remote workers are now suddenly released from downtown condos and trying out their green thumbs in the backyards of suburban and even rural homes and so it is that some would-be San Francisco homebuyers are now buying in Oakland, Pleasanton, or Richmond, pushing buyers there to the more affordable Central Valley. Many Sacramento agents, for example, are reporting a torrent of migration from the Bay Area.
Thinking about moving out of the City? Our team has served buyers in seven counties this year alone and we have a network of local agents out there. Want to take advantage of the unprecedented opportunity to buy a condo in the City? We can help!