GLEN PARK REAL ESTATE–June recap

I’m writing this during the most sweltering 4th of July weekend. Wow, it’s been really hot for a long time! I have a listing in Novato and was over there the other day – 107 degrees and almost impossible to grab the steering wheel to drive when getting back in my car. I think this year, though it was a very busy travel year, a lot of San Franciscans stayed close to home instead of driving out to capture the summer weather in the North Bay. San Francisco weather has been absolutely beautiful – nice sunshine with the natural AC from the Bay.

So how are things going in the world of real estate? Well, everyone is still wrestling with figuring out new rules from the fall out of the National Association of Realtors (NAR) settlement, which is set to take hold in mid-August. There are new forms, new rules, new ways of doing business coming down the pipeline. If you missed my rundown on the new rules, you can see more info HERE. Just keep in mind that the landscape is changing and nothing is written in stone yet.

Looking at the sales for Glen Park during June, there are some impressive numbers popping up there! Take a close look at the sales and some of my notes there, but it definitely seems like the market is hot for single family homes, and the more high end listings in the neighborhood also seem to be doing incredibly well. At least 30% of the sales are all cash. The market has been a bit crazy all over San Francisco, with some things going in to contract right away with multiple bids and other properties sitting. Due to the lack of inventory, and continued pent up demand, with buyers who have been sitting on the sidelines, hoping that rates will go down but realizing it may be minimal and slow going from here, we are seeing a bit more competition for the properties that check most of the boxes.

We are now able to look back at the Spring market as a whole and it shows an impressive jump from Spring 2023. Here is a look at the rolling 3-month numbers comparison for Glen Park and also for San Francisco as a whole:

Glen Park – for all property types*

Total Sales: 21 (2023), 30 (2024) UP 43%

Median Sales Price: $1,450,000 (2023), $1,827,500 (2024) UP 26%

Median Price per Square Foot: $1,073 (2023), $1,220 (2024) UP 14%

Median % of List Price Received: 100% (2023), 111% (2024) UP 11%

Median Days on Market: 25 (2023), 13 (2024) DOWN 48%

So, to summarize – things are moving in the right direction! When you look at the San Francisco numbers and see the recovery overall, you can see that within that recovery Glen Park is doing especially well.

San Francisco – for all property types*

Total Sales: 1,246 (2023), 1,348 (2024) UP 8%

Median Sales Price: $1,350,000 (2023), $1,401,000 (2024) UP 4%

Median Price per Square Foot: $1,000 (2023), $1,017 (2024) UP 2%

Median % of List Price Received: 100% (2023), 102% (2024) UP 2%

Median Days on Market: 23 (2023), 19 (2024) DOWN 17%

*All numbers rounded to whole numbers

Now, for the Glen Park Transactions/Listing for the month of June:

Here’s a look at what sold in the month of June–

Here’s a look at what’s currently in contract–

And lastly, the inventory that is currently available in Glen Park–

I would also like to give myself a shameless plug – on July 10th I will be launching a new Podcast, called The Bay Insider, which is about History, Lifestyle, and Real Estate in the San Francisco Bay Area. I hope you’ll check it out! TheBayInsider.com

IF YOU HAVE QUESTIONS OR REAL ESTATE TOPICS YOU’D LIKE ME TO ADDRESS IN THIS COLUMN PLEASE REACH OUT AND LET ME KNOW!