March San Francisco Real Estate Insider

So far, the first two months of 2020 have been very active for real estate. The weather has been spring-like, bringing buyers out to compete for properties. The majority of "quality" listings are still experiencing multiple offers situations while the over-priced properties languish on the market. The lesson learned is pricing your property competitively with neighbouring competition is the key for success. Of course, as a seller its always better to be one of a few vs. one of many (so plan accordingly).

As we enter Spring; traditionally one of the most active real estate seasons of the year, there is a lot going on (across the globe). How these issues; financial markets, coronavirus, interest rates and elections will affect our real estate market over the next few quarters is simply a guess- stay tuned for that. In the meantime, this report will look at the most recent data available.

One of many positives for local real estate is that mortgage interest rates hit a historic low in early March (and rates play a huge role in housing affordability). 

Short-Term & Long-Term Trends in Median Home Sales Prices

Median Dollar per Square Foot Values 

Trends in Overbidding

As referenced above, overbidding remains common for quality for listings, however part of this is due strategic under-pricing on the part of listing agents. Where is the overbidding most active; clean, well-priced, neighborhood properties under $2M. The supply and demand dynamic for condos is different for new construction condos concentrated in the southern parts of San Francisco. 

Home Sales & Values by San Francisco District

District Home Price Trends

There are 70+ neighborhoods in ten Realtor districts in San Francisco - too many to cover in one newsletter. Below are some representative snapshots, but I also have trend data on every neighborhood in the city, which can be supplied upon request.