From what you’re seeing and hearing in the media, you might think the San Francisco real estate market is in a free fall. Don’t be fooled. What is happening is a calming of the market, not necessarily a bad thing. Median prices were down year-over-year to about the same as what we saw in October, 2020. While interest rates are up, resulting in more of a balanced market than what we’ve seen in over a decade, buyers are still buying and there are still fewer sellers selling. As a result, it’s still a seller’s market though for many properties the heyday of multiple offers has passed for now and some are staying on the market longer. Still, homes that are well prepped for sale and properly priced are still seeing swift sales and some are still getting multiple offers.
So if you’re thinking of buying, now’s the time to jump into the market before interest rates rise again. You’ll have less competition than you’ve had in the past.
If you’re thinking of selling, today’s market means preparation and pricing are everything. And of course, patience.
Here are the statistics below,
The price for a single family home fell about 7% in October compared to October 2021, making it about the same as the median price in 2020. Condos were also down 4% year over year.
New listing were again down year over year. New single family home listings were down more than 27% while new condo listings were down almost 25%
Like new listings, active listings -those still on the market at the end of them month – were also down though perhaps not as low as in the past. Active single family home listings were down 8% while active condo listings were down 19%.
Percentage of Properties Sold Over List Price:
Fewer San Francisco homes are selling for over their asking price. As properties sit on the market a bit longer and competitive multiple offers are not as rife, more homes are selling at or close to their offer price. Though not all. Almost two-thirds of single family homes sold for over their list price in October, down 24% compared to October 2021. Only 37% of condos sold over their list price, down almost 40% year-over-year.
Average Percentage of List Price Received:
Just as the percentage of homes overall that sold over their list price decreased, so too did the average percent of list price received decrease. Single family homes sold for 107% of their list price in October, down 8% year over year. Condos sold on average for just about their list price, 100.3%, down 5% compared to October 2021.
Months Supply of Inventory:
MSI for both single family homes and condos crept up in October. Single family homes had 2.2 months of inventory in October, up 16% year over year. Condos had 3.6 months of inventory, up 9%. To put this in perspective, last October the stats were 1.9 months and 3.3 months respectively, so while the change seems significant it really isn’t.
Average Days on Market:
Like months supply of inventory, the average days on market that a property was on market before accepting an offer also increased. Single family homes spent an average of 28 days on the market, up 40% compared to October 2021. Condos spent 42 days on the market on average, up 24% year over year. Like median sales price, these statistics were also about the same as October of 2020.
The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from the MLS so does not include off-market and most new construction condo sales. The Bay Area real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.