San Francisco Real Estate Market Snapshot - January 2015
It’s no surprise to you that inventory in San Francisco remains tight with new listings down 20.8 percent for single family homes and 35.8 percent for Condo/TIC/Coop properties. Let’s hope that with the spring showers (which we desperately need!) and flowers comes more inventory.
January saw the median sales price climb 5.4 percent to $975,000 for single family homes, while Condo/TIC/Coop saw a decrease of 2.4 percent to $927,000. Months Supply of Inventory, which looks at how long it would take to sell all of the active inventory given the current pace of sales, decreased 26.7 percent for single family units and 29.4 percent for Condo/TIC/Coop units.
Low levels of inventory has meant that more than half of all properties are selling for more than the listing price, which is good news for your sellers and those who are thinking about selling. More than 60 percent of buyers of a single family homes and condos, TICs, and coops paid more than the listing price.
A look across San Francisco’s 10 districts, shows that District 10, comprised of the Outer Mission, Mission Terrace, Excelsior, Portola, Bayview, Silver Terr, Hunters Pt, Candlestick Pt, Bayview Hts, Little Hollywood, Visitation Vly, and Crocker Amazon, saw the most single family home sales in January 2015, while District 3, Pine Lake Park, Lake Shore, Merced Manor, Stonestown, Lakeside, Merced Heights, Ingleside, Ingleside Heights, Oceanview, saw the largest jump in median sales price.
What does this mean for buyers and sellers?
*Buyers: It's tough and it will continue to be tough for a bit longer. But continue to forge forward as interest rates are expected to rise.
*Sellers: If you are on the fence about selling, now is the time to take advantage of the market and strong prices and buyer activity.
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