There are wild variables, but average listings for homes in the United States sell within 70 days. In other words, a home with the typical 30-day close sits on the market for about a month before the right offer comes through. But the housing market in San Francisco is something special, and over the last twelve months, homes here averaged 19 days. In less than three weeks — less time than it takes to build or break a habit — these homes are turning over. It’s lighting fast, and in some San Francisco neighborhoods, sales average just two weeks from initial listing to signing the contract. Compass just released its December market snapshots, and these are just a few of the insights.
Ready, Set, Go
Neighborhood and districts weigh heavily into market dynamics, and these graphs highlight both the speed with which homes sell and the difference in sales price and original list price.
The Ultra Luxury Market
For the discerning home buyer in the market for something priced over a cool $5 million, San Francisco has a respectable number of home listings. Still, it’s only third in offerings for the Bay Area as a whole, coming in behind Santa Clara and San Mateo.
New Listings & Price Drops
At this point in the year, the San Francisco market is swinging into its seasonal low. This graph is updated through October, but November had its expected — and typical — drop in new listing activity.
Accurate market data can go a long way but only if you’re able to intelligently interpret that data. And even then, there’s no substitute for experience as every stat you read is a generalization. If you’d like to bounce your own theories of the market and where is might be going on a specific property or as a whole, ping me. I’d love to answer your questions and help you through the process.