A Sellers Market in San Francisco

 

How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. According to a recent report by the San Francisco Association of Realtors, the median sales price for condos increased last month to $1,065,000 in district 9 – that’s an increase of 12.1% over last year. Multiple-offer situations are now commonplace, as good homes routinely go for over asking price and are off the market in a single day. In July  50% of all condominiums in District 9 sold over list price. It is evident that a favorable San Francisco economy keeps buyers in the chase. If you are curious about your home’s current market value, contact me and I will do a market analysis.

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