Hot Weather | Hot Market

Our real estate market is as hot as it has ever been.  Our most recent two week New Listing Report  shows an 11% decline in new inventory coming on the market compared to the same two week period in 2018.  There were 18% fewer single family homes coming on the market during the past two weeks compared to a year ago and condos were down 5%.  Yet June sales through the 17th have been remarkable even by San Francisco standards.  As we reviewed the June sales data a few items stand out.

Average selling prices continue to be at or close to historic highs.  Days-on-market are amazingly short and the premiums paid are shocking.  Here are results for single family homes:

Condo average selling prices continue to set historic highs also.  Their DOM and premiums paid also reflect a very strong demand.

If the market follows recent trends new inventory will decline in number until Labor Day.  Listings are gold in the coming months.  Many buyers will find it a tough market to navigate and win in the face of competition which is sometimes fierce.  And as usual cash remains king.

We also note that total residential sales are down approx. 5% (116 homes) compared to this time in 2018.

New Listing Watch - summer solstice report

For the past two years we've seen an uptick in new listings during this middle week of June, apparently to get properties on the market before the Independence Day holiday.  That's true again this year but mostly for condos.  In the past two weeks there were 196 new condo listings compared to 167 during the previous two-week period.  Single family homes saw only 127 new listings compared to 123 during the previous period.

Compared to a year ago the total number of new listings for the last two weeks was down:  323 vs 361. 

Assuming the usual annual trend continues we should see a significant drop off of new listings until Labor Day.

The percentage of single family homes new listings that went into contract in the same two week period has held fairly steady since mid March -- 16.5%.  For condos it was 17.3% and has been steady since early May.

Price reductions have jumped up compared to the prior period:  16 single family homes saw price reductions vs only 6 in the prior period and 43 condos vs 22 in the prior period.

For the full report, see our web site http://www.boldsf.com/Statistics%20test/Statistics.html