Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

SHOCKING Trends With San Francisco Home Prices

Name: SHOCKING Trends With San Francisco Home Prices
Uploaded: 2024-10-29T01:00:06+00:00
Duration: 48 s
Channel: Austin Klar
Description: In this brief market update, Austin Klar outlines three key factors preventing a crash in San Francisco single-family home prices. First, the volume of…

29 Oct 2024 · 1 min

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In this brief market update, Austin Klar outlines three key factors preventing a crash in San Francisco single-family home prices. First, the volume of homes entering contract exceeds the number of new listings, driving overall inventory down to its lowest level in five years. Second, fewer sellers are reducing their asking prices compared to the same period over the past five years, indicating sustained demand at current price points and interest rates. Third, homes are selling a higher proportion of the asking price and more quickly than a year ago, reinforcing that demand outpaces supply. These dynamics have resulted in quarter‑over‑quarter price increases. Klar concludes with a call to action, inviting viewers to DM their email for monthly market updates and to follow him for more Bay Area real‑estate content.

Chapters

3 reasons prices for single-family homes in San Francisco aren't crashing anytime soon. First, the number of listings getting into contract is outpacing the number of new listings. And what that's doing is pushing overall inventory levels down. There are fewer homes on the market at this time than we've seen at this time over the past 5 years. Reason number 2 is that fewer homes are cutting their ask prices than we've seen at this time over the past 5 years. That means there's more demand than there was in prior years at current price points and current interest rates. So sellers aren't having to slash their ask to get their home sold. Reason number 3 is that homes are selling for a a greater proportion of their ask price and faster than they were at the same time last year. All of this shows that demand is outpacing supply, and it's the reason why prices over the past quarter were higher than prices at the same quarter last year. If you want monthly updates about the housing market, DM me your email and I'll add you to my mailing list. Follow me for more Bay Area real estate.