Right now we’re seeing some mixed signals when it comes to San Francisco’s market.
There’s spring’s big jump in values versus the recent plateau in median sales prices; interest rates that are up significantly but very low by historical measures; growing signs of buyer burnout with crazy market conditions versus supply and demand statistics that still show a very strong seller’s market; and an increasing number of expired listings, which may mean that sellers are pushing their asking prices beyond buyers’ limits.
But you’ve got to give credit to seasonality. Median sales prices tend to go up in spring and autumn and go down in summer and winter. That doesn’t necessarily reflect changes in home values. What you want to look at in terms of real estate is the long haul, not the short-term.
As September comes to a close, we’ve seen a number of new listings hitting the market. Now we’ll see how buyers respond – and that will determine what the next stage will look like.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email firstname.lastname@example.org. www.ceceblase.com