Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

SORRY! San Francisco Housing Market Isn't Imploding.

Name: SORRY! San Francisco Housing Market Isn't Imploding.
Uploaded: 2023-12-14T02:00:10+00:00
Duration: 55 s
Channel: Austin Klar
Description: In this solo market‑update, Austin Klar explains that the San Francisco housing market is experiencing a typical holiday‑season slowdown but shows no…

14 Dec 2023 · 1 min

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In this solo market‑update, Austin Klar explains that the San Francisco housing market is experiencing a typical holiday‑season slowdown but shows no signs of a crash. He walks through on‑screen graphs showing month‑over‑month declines in active inventory, new listings, new pendings, and closed sales, emphasizing that pending and closed sales are falling faster than new listings, resulting in a net inventory reduction. Monthly supply of single‑family homes dropped from 2.2 months in October to 1.5 months in November, meaning it would take roughly six weeks to sell the existing stock—far below the six‑month supply seen during the 2008 crash. Median and average home prices also dipped seasonally but remain higher than the same month a year earlier, indicating no dramatic price collapse. Days on market rose from 22 to 30 days, yet homes continue to sell at list price. Klar concludes with a reassurance that the market is stable and invites viewers to follow for more updates.

Chapters

The San Francisco housing market is cooling down for the holidays, but I'm sorry to say we are far away from a crash. As you can see at the graph at the bottom, active inventory, new listings, new pendings, and closed sales all fell month over month. But the key is that pending sales and closed sales are outpacing new listings. So overall inventory is falling. And it's not just inventory that's falling. The pace at which that inventory is selling is also falling. As you can see at the graph at the top, monthly supply of single-family homes in San Francisco fell from 2.2 months in October to 1.5 months in November. So it would take just about 6 weeks to sell out of all existing housing inventory for single-family homes in SF. The market crash in 2008, there were 6 months of inventory in San Francisco. So we are far from that level. Median and average home prices also fell, which is pretty typical for this time of year. But interestingly, you can see that they are up this month compared to the same month last year. So if you were waiting this year for things to drop like crazy, it didn't happen. And as you can see at the top graph, days on market did go up from 22 days to 30 days, but houses are on average still selling for their list price. Follow me for more housing market updates. Bye.