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Local Spotlight
True classics from all over Italy
PennyRoma.com
The heart of Penny Roma’s menu is pasta, inspired by tried and true classics from all over Italy. Rotating selections of fish crudi, vegetable-driven antipasti and contorni, and wood-fired secondi are also prominently featured, using seasonal ingredients sourced from our favorite local farms and purveyors, capturing the beauty and bounty of the Bay Area’s offerings.

Market Update

Single-family home inventory as low as it’s ever been — just 1.4 months of supply — and condominiums are sitting at around 3.3 months of supply. Active listings have dropped for two months in a row.

Pending sales dropped from March to April, by 16%, which is also unusual. Normally, this would mean more inventory is available, but there was a decrease in new inventory coming on the market.

Sold listings, which typically increases from March to April, dropped slightly.

  Sales price in April hit an all-time high. Single-family home values dropped very slightly from their record high in March, so the increase was fueled by closed condos, which reached a record high of $1,370,000 almost a 10% jump since February.

  Properties in April sold for 13.3%, on average, over asking. This is near a record high and the highest it has been since 2015. Single-family homes reached a record 23.3% in overbidding, while condos sold for 6% over their listed price. A record 89% of single-family homes sold over asking, and 65% of condos sold over asking.  

The real estate market is reacting to higher inflation and increasing interest rates. The decrease in pending sales is to be expected, since buyers may be more anxious and trying to figure out the market before they make a purchase. The anticyclical April trends likely will be short-lived, as buyers and sellers adapt their expectations. Buyers, especially, may want to seize the moment and move forward against the grain.

I would 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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