San Francisco Real Estate Market | November 2020

10 Nov San Francisco Real Estate Market | November 2020

San Francisco Real Estate

House & Condo Market Dynamics
Dramatically Diverge

November 2020

 

SF house and condo markets have been affected differently by the pandemic. This report attempts a deeper dive into the data across the city and within different city districts.

The market typically starts a big slowdown in mid-November, running through the mid-winter holidays, until it begins to wake up in mid-January. High-price segments normally see the most dramatic plunges in mid-winter activity.

This year, the pandemic upended seasonality: Spring, usually the strongest selling season, saw a crash in activity; summer, which typically slows down – especially for luxury home sales – saw high demand; and the summer market accelerated into autumn. But supply has been accelerating even faster than demand.

We suspect late Q4 will see something of a slowdown, but remain more active than in past years.

Link to a comparative review of Bay Area County Markets.

 

General City Dynamics, House & Condo

Sales rebounded strongly from the early-spring pandemic crash: House sales are higher than in recent years and condo, co-op and TIC sales are at levels comparable to peak sales volumes over that period.

 

The most dramatic change is the increase in the number of listings for sale. Condo, co-op and TIC listings in MLS are at their highest point ever, approximately 85% higher than one year ago. House listings are also up, but much less dramatically, running about 20% to 25% higher than in autumn 2019.

 

Feel free to connect us to anyone you know who has  questions about real estate in general. If we can’t help them, we know someone who can. Call us at 415-735-5867 for a no-obligation consultation. You can also email us at info@ruthkrishnan.com.

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.