AUGUST 2022 RECAP:
This summer has seen swings on two major housing metrics: affordability and new listings. For San Francisco market-watchers and movers, it has been a busy season indeed. The fuller economic picture around rising inflation and interest rates has been the center of much of the conversation and consideration for buyers and sellers both; who can make the most of a tightening market? With the amount of available inventory on the rise for August, it is once again a buyer’s market. In August, active listings were down for both single family homes and condos/TICs, while the percentage of SFH sold over their original list prices bumped up considerably. No surprise, the market’s affordability was on the lower end of the scale during August 2022. The fall season generally is when inventory tends to be more robust coming on the tail end of a quiet summer, and numbers are poised to follow that trend in 2022. The San Francisco Association of Realtors tracks it all for us, as charted below:
SEPTEMBER 2022 – TODAY’S MARKET:
The fall season is on the horizon, and with it a ton of new inventory is coming to market. Salma & Company is thrilled for our buyers to have such a rich array of options to consider. For sellers, it is a time to reconsider true market value; following the traditional route of underpricing, or positioning from 10 to 20 percent below asking price, is not always the best way forward. We see buyers considering every factor, truly taking their time in weighing their choices among different properties to ensure the best decision for themselves and their families. Urgency has been a watchword in our local market for so long; now we’re seeing our buyers with a more relaxed timeline as they consider their options. For our sellers, never before has a strong marketing concept been more important. Flawless staging, thoughtful pricing strategy, impeccable digital offerings combined with a highly professional ground action plan are all integral to getting our clients’ properties sold for the highest price in today’s marketplace. Interest in a complementary opinion of value for your property? Book a seller consultation with us via this link. (Those looking for a buyer consultation can link here.) We are here for you as you enter San Francisco’s unique market landscape.
NEWS YOU CAN USE:
A good recap of our “sleepy summer” and how things are due to shake out across the “irrevocably changed” housing market in San Francisco this fall; one outcome: an active rental market sees more homeowners leasing their properties to get in the game … This stunning Belvedere mansion recently hit the market with a near-$12M asking price; its storied history began in Pacific Heights almost 120 years ago, before its owners upped stakes and moved the Moffitt House across the Bay via barge … As we’ve outlined above, so far this month San Francisco inventory numbers are way, way up; we’re also seeing properties available at lower than average price points … Salma & Company is keeping an eye on the high vacancy rate among City’s commercial properties, as the repercussions from the pandemic and remote work plans continue to impact as key factors.
WHAT YOUR MONEY BUYS YOU
Want to know a real estate secret? San Francisco is an absolute melting pot of real estate options! No two properties are alike which also means there is a wide variety of price points and properties for buyers to choose from. Are you curious as to what you can afford to buy? Every week, we put together a highlight video showcasing just some of the properties that we tour on San Francisco broker tour (the day that all new listings are shown to the brokerage community) and we post it across all of our social media platforms. Here is what we toured last week, 9/13/22 and these properties have list price ranging from $2,198,000 up to $19,000,000. Let us know if you want to learn more about your buying power and matching inventory.