The San Francisco real estate market continues to operate at a frenetic pace. Here are some of the latest numbers that prove it.
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The latest numbers are in for the San Francisco real estate market and I want to share them with you today.
The average median sale price here has just surpassed the $1.6 million mark. This figure is 11% higher than what we saw in 2017. What’s causing this? For starters, new listings are down 2.7% and sales are up 2.2%. At the same time, we only have 1.7 months’ worth of inventory, 18% less than we had in 2017.
Right now, 89% of properties are being sold over list price. In fact, I just sold a downtown condo for over 20% of the asking price after receiving 7 offers. This is pretty typical in our market right now.
89% of properties are being sold for more than their list price.
Not everything is rosy on the horizon, though. Here are a few things you should watch out for:
1. Rising interest rates. As rates rise, affordability goes down, shrinking our buyer pool.
2. Potential trade wars. There has been a lot of back and forth between countries and any trade wars, which could disrupt everything too.
If you have any questions about the San Francisco market or any other questions about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.