Low inventory has been the headline grabber across the nation, but it’s especially evident here in San Francisco where properties continue to be snapped up at a furious pace. With a spring refresh on the horizon, many are hopeful that additional sellers will bring on much-needed properties to ready buyers. Increases in construction activity and still affordable borrowing costs will also continue to influence local buying and selling trends into the spring and summer months.
New Listings were down 16.1 percent for single family homes and 28.9 percent for Condo/TIC/Coop properties. Pending Sales increased 6.3 percent for single family homes but decreased 5.6 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 8.5 percent to $998,000 for single family homes and 16.7 percent to $960,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 31.6 percent for single family units and 39.1 percent for Condo/TIC/Coop units.
Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.
|March 2014||Median Price||Days on Market|
|Single-Family Homes||$998,000||33 Days|
To view the full market report from the San Francisco Association of Relators click here.