What are we seeing year to date in San Francisco? I am asked constantly by sellers and buyers “is the market coming to a halt?” My answer is, no. What we are experiencing in the market today is what I like to call “Normalizing”. We were definitely spoiled with how the market was last year. But let’s take a look at the charts and statistic from The San Francisco Multiple Listing Service.
We see an increase of 36.8% in supply. That sounds like a lot, but relatively speaking we’re looking at only a 2.6 months supply of homes on the market.
Median Days on market has crept up to 25 days. An increase of 38.9% compared to last June. Compared to the national average we are still way ahead of the curve.
Median sales prices are up 4.3% bringing the sales price to $1,225,000. There are more inventory, days on market is longer, yet the median sales price is up. This tells us that our market still has a strong pool of motivated and ready buyers.
Numbers of properties sold has dipped 7.9% (1,389) compared to last June.
What do these numbers tell us? It tells us that the market is beginning to normalize. The San Francisco market is not shooting up like it was last year, but our market is still one of the best in the nation.
If you’re a buyer you have a good supply of homes to chose from. Now is a great time to buy because interest rates are still really low.
For sellers, you have to be patient when selling your home. Things are not all flying off the shelves in 14 days any more. Pricing is more critical than ever. Over pricing your home can be detrimental in getting it sold. The charts show that homes are still selling, just make sure you have a great agent who can assist with you throughout the process.
If you have any questions about buying or selling feel free to reach out to us.