GLEN PARK REAL ESTATE–September recap

Happy October! Such a great month in San Francisco :). The weather is beautiful, Halloween is always fun (especially in Glen Park!). But what of the real estate market? Well, as I’m sure you’ve heard all over the news, and seen with your own eyes, interest rates are up and there are fears of a recession and no one knows exactly where things are heading globally. In real estate, this translates to properties sitting longer and readjustments being made. So, more of what we were already see-ing.

For people who are waiting for rates to go down, they might be waiting a little longer than they were anticipating. People hadn’t seen rates going up like this for quite some time, so for those who weren’t paying attention to this type of thing in the 80’s, this was almost unimaginable. But the re-ality is that this is not unprecedented, and it’s also not a huge surprise. So, as the prices are going down, the rates are going up. In May of 2022 single family homes in San Francisco hit a high of just over $2,000,000 – now that number for September is at $1,650,000. Of course, this is a gen-eral trend and there are always exceptions. If a house checks the boxes and pulls on the heart-strings, you are still seeing multiple offers and sales prices well over asking, but it is becoming much more of the norm than the exception to see properties sitting for a few weeks and selling closer to their asking prices.

A few interesting stats for single family homes for September (year over year from 9/2021 to 9/2022):

• Days on Market: San Francisco: up ~30% (17 days); Glen Park: up ~30% (17 days)
• New Listings: San Francisco: down 13% (368); Glen Park: up 6% (17)
• Active Listings: San Francisco: down 5% (458); Glen Park: down 30% (12)
• Sold Price: San Francisco: down 6% ($1,650,000); Glen Park: down 7% ($1,915,000)
• Price per Square Foot: San Francisco: down 8% ($1,013); Glen Park: down 5% ($1,135)
• 321 Price Reductions in San Francisco, 4 in Glen Park (compared with NONE in either for 2021 – this is what the stats are telling me. I’ve run it a couple of times because it’s hard for me to be-lieve! If for some reason I’ve got that wrong, I’ll call out the correction in next month’s post.)

Here are the sales in Glen Park for the month of September:

Properties currently PENDING in Glen Park:

Properties currently ACTIVE in Glen Park:

I’m happy to report that my very special single-family Glen Park listing at 20 Mizpah is now in contract well over asking and we received multiple offers in just six days. It was/is such a special property! My only regret is that I was only open for one weekend, so I didn’t get to see as many Glen Park dwellers as I had hoped to see :). As always, please reach out to me with any questions about the market. I’m always happy to talk real estate ☺.

For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/