Hello friends and real estate geeks!
Here are the latest July 2017 sales stats for San Francisco county. Generally speaking, median property values have increased almost 10% year over year, so predictions for a slowdown have been silenced.
Labor Day typically signals more inventory availability so buyers may get a little relief. Sellers should also take note as well. The fall represents one of the strongest periods of the year to sell at the highest possible price, so now is the time to meet with me.
Please contact me for a more accurate detail of valuations in your specific neighborhood.
Till next time,
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. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
New Listings were down 28.9 percent for single family homes and 20.4 percent for Condo/TIC/Coop properties. Pending Sales remained flat for single family homes but decreased 19.0 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 9.7 percent to $1,431,000 for single family homes and 12.4 percent to $1,175,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 36.0 percent for single family units and 32.3 percent for Condo/TIC/Coop units.
Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
For the latest valuations in your neighborhood, please call me at 415.828.4503