Before you dive in: I had a chance run-in with a friend this week that changed my mindset for the better, re-orienting me toward empathy for everyone around me. I made a quick video to share the story, which some of my friends on FB have found insightful - have a look if you’re in need of a little perspective today. ❤️ |
Some things never change... |
Let's talk SF real estate this week. The #1 question I’ve fielded in the past few weeks is about pricing: What will happen to home prices post-lockdown? I have good news and bad news. The good news is that the answer is the same as it always is, and will stay the same after lockdown: It depends on supply and demand. The bad news? It’s hard to project what supply and demand will look like. |
Other things change a lot! |
Many sellers have withdrawn their properties from the market in recent weeks. Some of those who were planning to list have opted to wait things out. Others have put their homes on the market, or back on the market, in the last two weeks. This signals that there will be some pent-up supply that springs up on the market to meet latent demand – a large number of buyers will be re-entering the market at the very same time, too. As mortgage rates hit all-time lows, the lure of lower payments is sure to bolster demand. We have seen unprecedented loss of employment, however, a large number of home buyers and sellers in San Francisco have not been directly impacted by these job losses. Nevertheless, j ob losses will impact our economy, and hopefully many, or most, can be recovered as the economy ramps up and we return to a sense of normal. |
Many agents in SF are back on the ground conducting private showings (at last!), slowly getting things back on track after a 5-week standstill. While inventory is still small, the increase in activity is a positive signal. There are 214 properties listed on the MLS as 'coming soon' (single-family, condos, coops, TIC) There are 645 properties for sale (active) on the MLS (single-family, condos, coops, TIC) Compass has 123 Private Exclusive listings, not on the MLS or marketed elsewhere
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For comparison, here's how the very strange April 2020 measures up to April 2019: |
Number of new listings was down 64.3% for single-family homes and 65.8% for Condo/Coop/TIC Median sale price for single-family homes was up 5.41% to just shy of $1.7M, and for Condo/Coop/TIC, up 6.1% to $1.3M. Months' supply of inventory decreased 23.1% for Single Family Homes and 20% for Condo/Coop/TIC.
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In the meantime, keep asking good questions. Keep on social distancing. Keep on showing empathy for the people around you. Keep on finding little gifts in this trying time. Most importantly, don’t forget to send love to the mothers in your life this Sunday. |
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
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