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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A Strong Demand For Home Buying in San Francisco

As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale, none of which is news to San Franciscans. The San Francisco Association of Realtor reports that in June new listings were down 36.0 percent for Condo/TIC/Coop properties, however pending sales increased. The Median Sales Price was up 10.8 percent for single family homes but decreased 2.6 percent to $1,145,000 for Condo/TIC/Coop properties.

How much is your property worth now?

Want to know what your home’s current market value is? Regardless of whether you are looking to sell or just curious about the market, I would be glad to do a comparative market analysis.