All of my clients, buyers and sellers alike, have been looking for guidance about how the real estate market is reacting to the current economic tsunami we find ourselves in during the shelter-in-lace mandate and, more importantly, where the market might be headed from here. In preparing today’s post about the current state of San Francisco’s housing market, I couldn’t narrow down my options any further than these eleven. Yes, eleven. It’s impossible to truly make heads or tails of where the market is headed in the overused if not accurate “unprecedented times” we find ourselves navigating, but this is a start.
If you’re looking for current median house and condo prices, historical pricing for context, mortgage rate trends – which always play into housing affordability – new listings starting to come back out of the shadows and officially online, and accepted offers or withdrawn listings since the pandemic made it presence known here in San Francisco, you’ve come to the right place.
Median House Price
Median Condo Price
Median Home Sale Prices Since 2005
Listings Closing Sale
Expired or Withdrawn Listings
Interest Rates Trends 2016-2020
No one has a crystal ball, so all we have right now are these charts for a sneak peek into the future – as incomplete as that snapshot may be. For the moment, prices have not come down noticeably and we seem to be in a stand-off of sorts. Experienced buyers are writing on properties that may have had more offers in the past because they know they are in it for the long haul, while sellers are weighing whether to bring their properties to market at all or let things settle down and wait for a new year.
What ultimately tilts the balance is anyone’s guess, and based on the data we have, my bet is … well I have a few theories, but only time will tell if this time turns out to be a buying opportunity or the best time to sell for the foreseeable future. You will have to draw your own conclusions, but feel free to ping me to bounce your theories around. I’m a great sounding board!