M A Y U P D A T E
The median sales price climbed 6.2 percent to $1,115,000 for single family homes, while Condo/TIC/Coop saw an increase of 17.4 percent to $1,100,000. Months Supply of Inventory, which looks at how long it would take to sell all of the active inventory given the current pace of sales, decreased 13.3 percent for single family units and 23.5 percent for Condo/TIC/Coop units.Inventory shortages continued to bedevil San Francisco's real estate market during Q1. Homes were in short supply at all price points, particularly condos, and it wasn't uncommon to see attractive, fairly priced properties go under contract barely a week after arriving on the market. Sales prices climbed steadily throughout the quarter, and most homes received multiple offers from what seemed to be an inexhaustible supply of would-be buyers.
Sellers, meanwhile, face a dilemma: putting their homes on the market, even with the promise of a high sales price, instantly places them in the same position as other buyers – scrambling to find their next home. The solution for many sellers is to negotiate a rent-back agreement with the buyer, giving them some extra time to search for a new property.
Looking Forward: Q2 typically sees strong activity, but there are additional factors that should help supercharge sales this year: a booming local economy and interest rates still hovering near record lows. All signs point to a busy spring and summer. The City is capitalizing on multiple industries: tourism, biotech, tech, and social media, among others, companies that are generating significant and real cash flow. Construction projects can be seen all over the City. San Francisco is a "Power Center," a city where we enjoy an influx of well funded buyers who are confident in real estate.
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