The San Francisco real estate market is a dynamic and variable landscape. Qualified, measured and experienced advice is more important than ever! If you or anyone you know would like to discuss the current market environment and what it means for your particular situation, and talk about the best strategy for your real estate investments, please don’t hesitate to contact me. I am happy to talk on the phone or meet for a cup of coffee or tea, and find out how we can make this market work for you.
From Pacific Union International Chief Economist Selma Hepp - July 14, 2017
Second-quarter housing market activity in San Francisco was characterized by heightened buyer activity amid declining inventory conditions. These combined forces led to higher absorption rates, bringing the supply of homes for sale to a two-year low. Strong buyer activity also led to diminished days on market across all price ranges.
Price appreciation for new condominiums remained constrained in San Francisco neighborhoods where much construction has occurred, such as South of Market. Existing condominiums showed slow price growth, although they fared relatively better in the second quarter than in prior months.
Looking Forward: Although we expect third-quarter sales to reflect a mild seasonal lull, the Bay Area’s reliable and impressive core economic drivers should continue to fuel demand for San Francisco real estate. And despite mortgage interest rates that remain historically low, the possibility of increases may motivate some homebuyers who have been sitting on the fence.