I just got back from my first real vacation since before the pandemic, and boy was that an adventure! I’ll spare you the details, but let me just say don’t get stuck taking a red-eye flight from an airport and town that closes down completely by 11pm. Any mishap will quickly become an epic disaster. Safe back at home now and not planning any vacations for a while, I’m excited to see where our never boring real estate market takes us through the holidays and into the New Year.
So, what’s happening with the numbers for November?
Across all property types in November 2022 there were 190 price reductions in San Franciscoand one in Glen Park (compared with 0 in either for November 2021.) We are still seeing the trend of price reductions, but also price increases. The strategy of underpricing is still being employed, and still works some of the time, but agents and sellers are finding out pretty quickly if they need to readjust that strategy if they don’t get offers near expectations. That’s when you’ll see a price increase, and that will usually be to the “Buy it Now” or “Transparent” price, the same as the number the seller wants to get for the property.
Here are the sales in Glen Park for the month of November:
Properties currently contingent or pending in Glen Park:
Properties currently ACTIVE in Glen Park:
We are pretty well into the holiday season now, but I can already see the brewing of new buyer interest out there. There are folks starting to dip their toes in the water, but still some hesitance remains. There have been many layoffs in the tech sector, but there are also people going back to work in the office, and jobs are still being created. The stock market is all over the place from one day to the next, but things will calm down eventually. If you’re looking to buy a house and you have the money to do it, do it! If the rates go down, you can always refinance, and if they don’t then you’ll sure be happy to have locked in a lower rate. If you’ve been priced out of the market temporarily because of the interest rate increases, start a plan to build up reserves so you’re ready when things turn around. If you want to make a life change and retire in Costa Rica,do it if it makes sense! Life is short and we only get just one as far as I’m aware.
Have a wonderful Holiday Season and I’ll keep you posted in the New Year!
For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/