With the 4th of July in the rearview mirror, we are now deep into summer and have a better idea of what this summer market is shaping up to look like. You’ll see some large overbids and great sales prices in the June numbers, and as always, there is still limited inventory in San Francisco. However, with our friend Karl rolling into town, so has some tentativeness on the part of buyers. One of the most telling statistics is that we only have two properties currently pending in Glen Park. This is similar to what we saw around May of 2020 which, as we know, was the pretty much the height of pandemic lockdown before everyone readjusted and worked out how to transact in strange new times. This dip is different. It’s about inflation, interest rates, job insecurity, global unrest, and, let’s face it, the inevitable cooling of an unsustainably hot market. If you are thinking of selling your home in Glen Park, don’t fret! This is a special neighborhood that is well connected yet still has the feeling of a small town. That is something that people are looking for these days. And with limited inventory for the buyers that are out there, if you keep your expectations in check and adjust them for the changing market, you’ll still do very well. And if you’re looking to buy now, don’t sit on the sidelines and wait. This is finally a time to get into that home you’ve been dreaming of without dealing with a stressful and often disappointing bidding war. So, I say make hay while the sun shines (never mind about Karl).
So, what can I say about sales in June? These are sales from properties that mostly got into contract in May, before the slowdown. The slowdown really seemed to start right after Memorial Day. Just before that there was basically a frenetic rush to buy that drove prices up even higher just before they started coming down to earth. July numbers will really give a better picture of where things are this summer, so stay tuned for those.
There are all kinds of predictions out there about what will happen with the housing market, and someone will end up having the correct one, but most people will be wrong. Personally, I think we will continue to see this new more balanced market for a while, so we need to settle into this market and appreciate the new give and take between buyers and sellers.
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/