Greetings Glen Park! Though the weather continues to be confused (raining on June 6th!?), the days are getting longer and people are gearing up for summer vacations. This past Memorial Day weekend was one of the busiest driving holidays we’ve seen since before the pandemic.
But what’s happening in the market? Buyers are being more selective than ever and rates are hovering around the 6.3% mark. The Debt Ceiling debacle is at least in the rearview mirror for the next couple of years, but there is still uncertainty in the markets. The inventory is still very low, but properties are also sitting on the market longer. Properties that check all the boxes are still moving quickly and many are still getting multiple offers.
One of the biggest concerns right now in the world of home ownership is the state of home insurance in California. First, State Farm said they wouldn’t be starting new home insurance policies in California, then Allstate; and Farmers has halted on H06 Condo insurance. There are a few internet insurance agencies that have popped up that now have too much business coming in because of this, and some of those companies have paused giving quotes. It’s important for buyers to check into insurance for a property PRIOR to putting in an offer on a house – especially if they plan on making an offer without an Inspection Contingency. The business of real estate is very much an art AND a science, and right now more than ever it is important to work with someone who has experience and is paying attention to the ever-changing tides of the market.
Here’s an interesting chart of San Francisco and Glen Park Median Sales numbers over the last 10 years: https://sfar.stats.10kresearch.com/infoserv/s-v1/JGLo-uOo. As you can see, we are back to pre-pandemic sales prices.
Looking specifically in Glen Park:
Here’s a look at what sold in the month of May
Here’s a look at what’s currently in contract
And lastly, the inventory that is currently available in Glen Park
For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/