Still a Seller's Market in San Francisco
As we kick of the fall buying season and head into the end of the quarter of 2013 we seeing continues strength in all categories for San Francicsco.
Inventory levels continue to remain low. Interest rates have risen as well as have prices. Based on our local MLS recent report for single family home we are up 27.7% from same time last year, 12.1% up for condos and 15.2% up overall. These are the median sales price comparisons. We believe that there are winds of change ahead of us. Yet, the supply demand equation still strongly favors sellers. It appears to easing and I would imagine this will continue. Higher prices and higher interest rates tend to dampen demand.
Prices Are Moving Up
Starting into the fall season I have just listed a property in the northern section of Bernal Heights. The attendance to the open house over the first weekend was brisk, interest in the house strong leading to seller deciding on early offer date.
With the overall improvement in the real estate environment and local economy we have seen impressive price appreciation and this has certainly caught the attention of reluctant sellers who are beginning to sense now is really a good time to sell. In many neighborhoods in San Francisco we are at historic highs in prices. No one know how long this will last. I have several new properties coming on soon which is a function of the unique and hard driving marketing that we provide and the strength of price.
We'll see how this trend continues. For now it's still a seller's market in San Francisco.
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