And just like that…it’s November! I often gauge the changing of the seasons going into the holidays by when eggnog arrives in the stores. Every year now it seems to be earlier and earlier. Last year it was Halloween. This year it was early October. Meanwhile, we are getting some rain and hoping that the fire season is in the rearview mirror. While there is plenty of unease in the road ahead, things are still looking good for sellers who have reasonable expectations and take the advice of their real estate professionals regarding pricing and marketing strategies. Things are also looking good for buyers who can be flexible with their requirements and take advantage of this shifting market. As long as you can afford that payment now, it’s looking good for the future to perhaps even be able to lower your payment over time with a refinance if rates go down. I know lenders who are getting creative and offering free refinancing for up to two years and free rate re-locks once in contract if rates go down while you’re in escrow. Reach out to me for more details.
So, what’s happening with the numbers? Well, in the month of October for single family homes:
- Days on Market: San Francisco: up 8% (14 days); Glen Park: up 18% (13 days)
- New Listings: San Francisco: down 28% (241); Glen Park: up 60% (8)
- Active Listings: San Francisco: down 9% (449); Glen Park: up 50% (15)
- Sold Price: San Francisco: down 7% ($1,680,000); Glen Park: down 23% ($1,880,000)
- Price per Square Foot: San Francisco: down 1% ($1,046); Glen Park: down 2% ($1,095)
For all property types in October 2022:
434 Price Reductions in San Francisco, 6 in Glen Park (compared with 2 for San Francisco and 0 for Glen Park in October 2021. These numbers are also up from September 2022.) This is a big indication of our changing market – and this carries forward from what we also saw last month.
Here are the sales in Glen Park for the month of October:
Properties currently CONTINGENT/PENDING in Glen Park:
Properties currently ACTIVE in Glen Park:
As we move into the holiday season, we will see a decrease in inventory as usual, but if you are actively looking for property, this is a great time to stay in touch with your real estate agent as they likely know of properties that are off-market and may be available in the new year but are not being actively and publicly marketed during the slow season.
For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/