According to the San Francisco Association of Realtors housing demand in the city remained incredibly strong throughout 2017. With less homes for sale than in 2016, prices were consistently up and properties sold more quickly. Buyers may not have benefited from higher prices, but sellers did, and confidence is said to be on the rise. We are expecting to see more listing activity as the year unfolds. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers. Home building and selling professionals are optimistic, despite the fact that mortgage rates are likely to increase in 2018. One of San Francisco’s leading authorities on market trends, The Mark Company, announced robust buyer activity right away as the year began. It appears as if the 2018 buying season is starting earlier than in previous years. The company’s Condominium Pricing Index indicated strengthening market conditions in December with momentum being as high as the spring market of 2017.
There were plenty of new construction condos available with the start of the new year, and still more are in the pipeline. But some new constructions which had only released units earlier in 2017 are already sold out. La Maison, 72 Townsend, Laguna Hayes,The Rockwell, and The Pacific are down to having only a few homes left. One Mission Bay, the new condominium community across the channel from AT&T baseball park, brought 270 new residences to the neighborhood, however there are only 80 homes left. The Knox and Rowan were just completed in 2017 and are completely sold out. Lumina has sold 670 of its units and has fewer than 50 homes are left. There is still plenty of opportunity to find something elsewhere however, and several new constructions will be releasing new condos in 2018. If you you are looking for a new home, don’t miss out on the opportunity to get in early and get first pick.