We’ve made it past the shortest month of the year and are staring right into our busy spring real estate market. As expected, things are continuing to pick up with an increase of buyer interest and available inventory. That said, if we look at new inventory coming to market in February 2023 versus 2022, it’s a pretty big decrease year over year – 780 new listings in February 2023 in San Francisco overall versus 1,140 in February 2022. There were 295 properties that sold in February 2023 versus 455 in 2022, so demand is also down overall, and the ratios remain pretty steady. Looking specifically at Glen Park, we had nine new listings coming on the market in February 2023, but in February 2022 there were 17! As for the sales, we had four in February 2023 and six in February 2022.
The interest rates continue to fluctuate around 6%+/- for a 30-year fixed mortgage. Right now, that’s a little +. One thing we are seeing come back into the equation is the possibility of seller financing. This can be a great option for a seller who doesn’t need a big chunk payment when they sell their home. If you’re looking for consistent income and to make a high return on your money while selling your house for a higher price because the buyer isn’t paying as much interest to the bank, this can be a great option. If you want to know more about the logistics of how something like this can work for you, I’m happy to discuss. There can also be some tax benefits for the seller – definitely something to discuss with an accountant regarding your own personal financial situation. As the market changes it’s important to understand all of your options.
Here’s a look at what sold in the month of February:
Here’s a look at what’s currently in contract:
And lastly, here’s the inventory that is currently available in Glen Park:
For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/