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Facts about the San Francisco Real Estate Market-Right Now!

As Reported by the San Francisco Association of Realtors (SFAR), April Market Focus Report.
Reporting on Single Family Home and Condominium Sales in San Francisco and the state of our current market plus future projections. Low Inventory, rising prices, lots of buyers, high end is moving. Sellers should feel confident to list during this opportune Seller’s Market.

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As Inventory Remains Low and Unchanged,
San Francisco Homes Sell Even Faster
Just as last month, many new home sellers continue to have confidence that the market is on an upswing and that housing prices will soon accelerate. As a result, the vast majority of them have decided to hold off on listing their properties for sale, keeping the city’s inventory low. Making matters worse, the flow of distressed properties from the banks has lessened, making it more difficult for buyers to find properties even though interest rates have remained low. The congruence of all these economic factors occurring at the same time is resulting in the current seller’s market, where sellers have more leveraging power over buyers who are competing against a limited pool of properties.

Single-Family Home Sales

While the city’s inventory of single-family homes for sale dropped by 29.4 percent compared to March 2011, it did not exceed February’s level this year. Still, despite the low inventory, the number of homes under contract continued to improve by as much as 19.9 percent compared to this time last year, while the number of homes sold fell by only a slight margin of 2.8 percent.

For homes that were priced below $700,000, the months of supply inventory fell by 65 percent to one month. For higher-priced homes between $700,000 and $1.2 million, the months of supply inventory fell by 56.1 percent to also one month. It comes as no surprise that a number of real estate web sites currently rank San Francisco high among the nation of cities where homes sell the fastest.

One region of the city which continues to experience healthy sales activity is the area in the mid-western part of town, known as Twin Peaks West. Since March 2011, the number of homes under contract here has risen by 14.7 percent. Twin Peaks West has a total of 16 neighborhoods, with Mt. Davidson, the highest natural point in San Francisco, at its center. With its elegantly landscaped streets and a variety of architectural styles, including Craftsman bungalows, Mediterranean, and Mid-century, homes here are very desirable. The median price for a home in Twin Peaks West is about $837,500.

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