Clients, friends, and colleagues:
The fall market is upon us, and as expected, it's bringing some serious inventory. In the first 10 days of September, we've seen 477 new listings hit the market in San Francisco. This has the potential to be the most new listings in September in at least the past 15 years; the previous record in recent history being last September (2020) with 1,039 new listings.
Demand remains strong (evidenced by the data down below) and judging by open house activity this past weekend, it's going to be a busy fall full of transactions.
I anticipate the homes that check all the boxes will continue to see large over-asking sales that exceed previous comps/fair market value. If you're looking to avoid bidding wars, there's tricks to finding quality property if you're willing to make some minor sacrifices. Happy to discuss this further.
Median sales prices took a smaller dip than usual from July to August (dips are normal in August due to the summer slow down):
Median sales price for single-family: $1,875,000 (-1.3%)
(+13.6% year over year)
Median sales price for condos: $1,245,000 (-0.4%)
(-0.4% year over year)
% over-asking for sold property in August 2021:
Single-family: 15.3% over-asking
If you have any questions about the market, reach out and I'll be happy to relay my insights. And see directly below for a more macro view of market factors in San Francisco since the onset of the pandemic in 2020!
Recent sales & new listings at the bottom.
