Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

San Francisco Home Sellers are Better Off Today Than Last Year

Name: San Francisco Home Sellers are Better Off Today Than Last Year
Uploaded: 2024-12-30T02:00:13+00:00
Duration: 45 s
Channel: Austin Klar
Description: In this market update, Austin Klar explains that the return-to-office trend and an influx of residents are revitalizing San Francisco’s housing market…

30 Dec 2024 · 1 min

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In this market update, Austin Klar explains that the return-to-office trend and an influx of residents are revitalizing San Francisco’s housing market. Compared to the same period last year, a higher percentage of single‑family homes are going under contract and are selling faster, with fewer sellers needing to cut list prices despite 7% interest rates. Median and average sales prices, as well as price per square foot, have risen over the past three months versus the prior year. There are no signs of an inventory surge or demand crash, and the outlook is for strong pricing into the new year. Klar invites viewers who are considering relocation to contact him for guidance on post‑pandemic market changes.

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Return to office and an influx of residents back into San Francisco are breathing life into the San Francisco housing market. A greater percentage of single-family homes in San Francisco are getting into contract compared to the same time last year, and they're selling in less time than they did the same time last year. And less homes are having to cut their list price before getting into contract because there's higher demand in relation to existing supply, and that's even with interest rates hovering around 7%. They're also selling for higher prices. The median and average sales price and the average price per foot are up over the past 3 months compared to the same 3 months last year. There are zero signs of an inventory surge or crash in demand, and with more offices returning to work and residents moving back to the city, expect strong pricing into the new year. If you're thinking about relocating and have questions about the changes that have happened in the market since the pandemic, reach out to me.