Since July our residential real estate market has rebounded and indicates there is continued demand for San Francisco single family homes and condos. While demand remains relatively constant compared to last year, inventory is very different story. Still too few single family homes and too many condos/TICs. During the last 14-day Hot Sheet periods, the number of listings of single family homes is up 9% compared to the same period in 2019 while condos/TICs listings are up 142% compared to the same period in 2019.
Compared to the previous 14-day period single family homes are the same at 99. Condos are up by 36% (123 to 167 units). We still expect the 4th quarter will see the best quarter of 2020 in actual closings.
Average selling prices are falling for most configurations of homes that we survey with the notable exception of 3 bedroom, 2 bath single family homes which are averaging about 3% above 2019.
It is also evident that, as usual, many units are being withdrawn presumably for at least 30 days and will reappear in the new year as “coming soon” or active with zero days on the market.
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