New Listings up 10%
Listings Pending sale Up 95%
Luxury House Sales up 87%
At the beginning of the new year, it is not unusual for buyers (demand) to jump back in much sooner than sellers (new listings – supply), a dynamic which commonly accelerates as spring gets underway. When demand surges while listings lag behind, buyers must increasingly compete, often heatedly, for appealing homes. This imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming much more common. And this has occurred with a vengeance in early 2021, especially within the city’s house market.
This report will look at median house and condo list and sales prices, supply and demand from a variety of angles, the surge in luxury home sales, home prices along the Bay Area coast, and the recent jump in interest rates.
The charts are meant to be self-explanatory, but your questions are always welcome.
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Source: Compass
It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
