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According to the National Association of REALTORS® 2020 Member Profile, the typical REALTOR® has not changed much since the NAR 2019 survey. REALTORS® continue to come from a variety of demographic groups and career backgrounds. They represent the various age, ethnic, and language that define their local communities. They are more tech savvy today, using their smartphone and computer on a daily basis and online tools to communicate with clients.
The typical REALTOR® is a 55-year-old, college-educated White female, and a homeowner. Sixty-four percent of all REALTORS® are women. For 73 percent, real estate is their only occupation. Also largely unchanged from the previous year, 69 percent are married, 16 percent are divorced, and 10 percent are single or never married.
Eighty percent of REALTORS® are White, while 10 percent are Hispanic/Latino, 6 percent Black, and 5 percent Asian/Pacific Islanders. Eighty-two percent are fluent only in English. Respondents under 50 years old were most likely to be fluent in another language, with Spanish being the most common second language. Thirteen percent said they were born outside of the U.S.
Already before the coronavirus pandemic, REALTORS® had begun to adapt technology to advance their business. Among the 12,464 members who responded to the survey, more than nine in 10 members use a smartphone and a computer daily, while just about all members regularly email clients. Text messaging is the preferred means of communication for REALTORS® (94%), followed by email (91%) and telephone calls (89%). Seventy percent of members said they have a website for business use. Majority use social media apps to communicate with clients. REALTORS® were typically most active on Facebook, LinkedIn, and Instagram.
“The survey was conducted prior to the coronavirus outbreak and subsequent nationwide stay-at-home orders. REALTORS® are very innovative, and if the same survey is conducted today, it would show an even higher percentage of REALTORS® utilizing tech tools, and they have done so successfully from the start of a transaction to completion,” said Mary Kay Groth, president of the Silicon Valley Association of REALTORS®.
On average, members have nine years of experience in the industry. Seventeen percent have more than 25 years of experience. Sixty-five percent of respondents have sales agent licenses, 22 percent hold broker licenses, and 15 percent have their broker associate license. Seventy-three percent of members indicated they specialize in residential brokerage.
“People tend to use the terms REALTOR® and real estate agent interchangeably, but they are not the same. Although both are licensed to sell real estate, a REALTOR® is a member of the National Association of REALTORS® and pledges to follow the Code of Ethics, which contains 17 articles and standards of practice that are higher than regular business practices or those required by law,” said Groth.
Groth added, “REALTORS® must abide by a Code of Ethics, which is diligently enforced by our peers through the Grievance and Professional Standards process. As such, a REALTOR® is held to an even higher standard of conduct than other real estate licensees. Only REALTORS® can use the REALTOR® trademark by their name.”
Silicon Valley home sales bounced back in June, as lockdown restrictions eased, bringing sellers and buyers back to the marketplace. The San Francisco Bay Area saw a moderate 3.6 percent increase in home prices and a 69.2 percent sales increase from May. Santa Clara County made a major comeback in sales volume, price, and new listings.
“The housing market is making a good recovery which will hopefully continue,” said Mary Kay Groth, president of the Silicon Valley Association of REALTORS®. “The pandemic hasn’t stopped buyers.”
Santa Clara County saw June packed with a higher sales volume and strong prices, according to data from MLSListings presented in the Aculist Monthly Market Minute report by Aculist senior product marketing manager Michelle Ronco. Ronco noted the change in sales volume illustrates the market’s recovery. Santa Clara County sales volume in May was barely half (49 percent) of the sales volume in May 2019, then rose steadily in April to 62 percent. By June, sales volume increased to about 98 percent of sales volume in June 2019.
Santa Clara County’s median home price reached $1,382,000 in June, up 1.2 percent from May’s median of $1,365,000, and up 2.4 percent from the June 2019 median of $1,350,000. Although inventory is down 33 percent year-over year, new listings have increased for two straight months, from 732 in April, to 1,045 in May, and 1,066 in June – a clear sign that sellers are returning to the market. The county’s sales-to-list price ratio in June was 101 percent, just one percent lower than a year ago.
Further highlighting the market’s rebound are places that experienced month-over-month increased median home prices. These include cities in the local REALTOR® association’s service area, like Saratoga, Los Gatos, Los Altos, Los Altos Hills, Cupertino, Santa Clara, Palo Alto, Sunnyvale, Mountain View. The cities of Los Altos Hills, Mountain View, Sunnyvale, Los Gatos, Cupertino, Saratoga, Santa Clara, San Jose also saw new listings increase from May to June.
Ronco added average days on market dropped in June – in some cases by nearly half of the previous month. In hot markets, like Cupertino, the average DOM fell from 22 days in May to 12 in June, Monte Sereno, from 75 days to 44; and Sunnyvale, 27 days to 18. This means buyers have less time to decided on a purchase due to heightened competition.
“The virtual tours and virtual open houses have appealed to buyers. Traditional open houses are still not allowed, but in-person showings by appointment and limited to just three persons at one time, including the agent, have helped clinch many deals,” said Groth. “At our association’s REALTOR® district virtual meetings, our members are reporting multiple offers are taking place on properties that are priced competitively.”
Silicon Valley Association of REALTORS® says ... 