Like a bear coming out of hibernation, the San Francisco real estate market is waking up from its Summer slumber and new inventory is flooding the market. As of the time of this post, this week alone San Francisco has seen 254 new listings (of all property types) hit the market since Monday. That’s more than double the rolling average for the months of June, July, and August. The linked tear sheet is as basic as you get, but it will give you an indication of what’s out there. As soon as the data dump is complete, you’ll be able to see all of these Hot New Listings on The Goods.
All Summer long, no matter where I was, or what I was doing, people ask “So how’s the market in San Francisco?” It’s almost as common as “Is it foggy in SF?” And my answer to them has become canned, “It’s slow in places, white hot in others, and everyone is waiting until after Labor Day, so let’s see what happens then. And yes, it’s foggy…every day.”
It’s very hard to paint an accurate picture of a market when I know sellers are holding out until after Labor Day, and buyers are waiting in the shadows, or traveling to exotic locales to escape the fog. It’s not possible to know if it’s a broader slowdown, or just the typical Summer Doldrums as I like to call them.
I have about 15 buyers, and 5 listings. Three of those 15 buyers are looking for the same thing, and as it stands today, there is only one good choice for all of them. Multiply that by the other Realtors working the same tight city market, and I can already see a recipe for Overbids on many properties in prime locations, high demand, and continued low supply. I’ll go out on a limb and say I suspect things to really heat up this Fall, so if you’re still thinking of selling, now is a damn good time.
If you’re looking for a place, I suspect you’re going to continue to need a thick skin and patience. As I say to everyone that I meet, get on my radar as there is an entire world of off market activity to increase your chances of buying success, and I’m always here to help make your life easier. Cases in point, I am bringing 1010 Cole Street back on the market any minute (painted, staged, $150,000 less, and looking amazing!), 318 Connecticut just hit the wire, and 215 Cole, 715 Cole, and 1720 Larkin are in my pocket, ready to be sold.
Happy Fall. See you out there, and make sure you introduce yourself.