As we move into the dog days of summer, things are moving at a slower pace in the world of real estate as well. For those of you who are concerned about a huge crash like we had in 2008—look at this pictograph as a helpful reminder that we do not have the same forces at play right now:
We are certainly in a slowdown, and there has been a price dip since closings in June, which represented the end of the hot market of May. But let’s put this in perspective: July closings are down in median price by 14% from June closings, BUT median price sales for July 2022 vs July 2021 are up by 23%. My point here is that we are moving into a more balanced market. It has been rising vertically pretty much since 2012, and sellers (and their agents) have enjoyed relatively quick and easy sales with multiple offers and few to no contingencies. There will be a readjustment phase as people are getting their footing and realizing that their property may be on the market a little longer, and that the days of tons of offers pouring in may be in the past. This is San Francisco though, and there is still a dearth of property available in Glen Park—and this is a very special neighborhood indeed, so worry not, sellers! For those buyers sitting on the fence right now waiting to see what happens, my advice is to take advantage of this potentially small window where you may have some say in your transaction, and even if you’re still paying a pretty penny for your home, at least you can do it a little more on your terms. And bonus good news, despite the feds increasing the rates again, the mortgage rates have actually dropped some!
Here are the sales in Glen Park for the month of July:
Properties currently PENDING in Glen Park:
Properties currently ACTIVE in Glen Park:
As always, please reach out to me with any questions about the market. I’m always happy to talk real estate ☺. Have a great rest of the summer!
For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/