2020 Starts with Tight Inventory
Super Bowl is the start of the busy Spring selling season when we usually see the highest number of homes on the market. If January is any indication, the 2020 Bay Area inventory would appear to be tight like last year. Single-family and condominium inventories both shrank through most of 2019 in San Francisco, with the exception of a slight uptick of condos in the Fall. This is due to more buyers who entered the market to take advantage of the mortgage interest rates, which fell to historically low levels despite the healthy economy. As of January 31, there are only 93 houses and 216 condos/TICs that came on the market in 2020 and still available for sale, compared to 85 houses and 124 condos/TICs that sold in January 2020. This would explain why some open houses this month have been particular busy, with some seeing more 100 visitors per day. Looks like 2020 will remain a seller’s market.