I’m not even going to start speculating on where the San Francisco market is heading after this week’s mega-headlines about the loan market. Needless to say, though, difficulty getting jumbo loans COULD affect the San Francisco market but it is too soon to tell.
So…I’ll just talk about what’s been happening locally of late. And just looking at the last seven days you would have to ask, “What loan crisis?” Granted, many of the deals that closed this week were in escrow prior to the super-crazed loan madness, but nevertheless, we’re still seeing quick closes and considerable over asking prices. This is especially so in the single family homes category. The condo and multiple unit buildings are also still seeing healthy over asking sales prices.
As for new inventory: it could be my imagination but of the 100 or so new single family home listings this week, I thought overall the prices weren’t quite as high as they’ve been this summer. Same goes for the condo market. It is certainly possible sellers are going to take a wait and see attitude with aggressive pricing during these remaining days of summer and instead opt for safer, more predictable price ranges that will result in a certain sale.