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Market Update      

Total active listings in the San Francisco market dropped in March, and I expect the same will happen in April. The spring housing market historically sees stable or increasing inventory levels, and that is not happening right now. With 4 months of unusual inventory levels, it seems we finally have cleared the 2020 and 2021 COVID inventory bubble.

 After an increase in January, new listings are down for the second month in a row, which is unusual for early spring. While this number can bounce around, we typically see an upward trend from January–May.

Pending sales, on the other hand, are way up — near record highs. The number was more than 700 for March, and more properties went into contract than came on the market. Sold listings, too, are increasing dramatically.

Days on market remains near historical lows for both single-family homes and condos — not surprising given inventory levels.

Sales price just squeaked into record-setting territory with an average sale price of $1,512,000. For single-family homes, the average is $2,060,000, and for condos, it is $1,250,000.

On average, properties are selling at 12.4% over list price. This is quite high; only 5 months have ever had prices go this much over asking. Single-family homes are going for 22% over asking — a record for overbidding

— and condos are selling at 6.6% over asking. 70% of all properties are selling over list price, and 87.4% of single-family homes are selling over list price.  

Inventory is not experiencing its usual seasonal uptick. And with pending and sales volumes nearing historical highs, this low inventory could be an issue for home buyers as we get deeper into spring. Low inventory is only exacerbating the increasing prices, and inflation is playing a role, as well. Rising interest rates could halt some of this momentum, but in the short term, many buyers are looking to get into contract before too many interest rate hikes occur.

For sellers, now is as good a time to sell as any we have seen, thanks to incredibly high demand, record high pricing and low inventory. Buyers may be finding it difficult to compete on the few homes that are available, but I’m proud to say our team continues to get buyers successfully into contract: 6 buyers in the month of March alone.

We will be thrilled to help you navigate this unusual marketplace. Please reach out to me to discuss your own unique needs, as well as what is to come in the San Francisco market.

Thanks,
Dennis

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