Autumn markets in counties around the Bay Area have seen significant shifts, with wide variance in the magnitude of these changes between counties. So far, San Francisco itself has seen less dramatic changes than other local markets such as Santa Clara and Sonoma Counties though all markets have seen prices and buyer energy slightly flattening over the past couple months.
Homes that sell have generally continued to sell quickly, at prices often well over asking. Median sales prices are considerably higher on a year-over-year basis. Properties without significant defects/issues have performed far better than flawed properties. However, listing inventory has climbed, sales volume has dropped, and the numbers of price reductions and expired listings have increased. Luxury house sales hit a new all-time high in San Francisco in the previous few months. Luxury condos hit a new sales peak for the month of October, but the number of listings also hit a new recent high showcasing the growing opportunity to shop a bit.
Market statistics are generating contradictory readings amid a background of financial market and political volatility, and rising interest rates. Some standard statistics take time to reflect changes on the ground, and will bear watching in coming months.
For a more detailed micro perspective of a specific property or neighborhood, please contact Rob Levy directly at 415-385-8011 or Rob@RobLevy.net