Price isn’t Everything
If we look at the median sales price (MSP) on its own, we might guess that it’s business as usual in San Francisco. The reality is anything but. After all, MSP only takes into consideration the properties that actually sold. So, what does MSP not show?

There were 428 price reductions in August; that’s 200 more than any month in the last 5 years. Between 300-450 new condos are put on the market each month, but only around 200 sell. The months supply of inventory (MSI) for single family homes is 4 (40% more than August 2019), and the MSI for condos is over 7 for the second month in a row.

One silver lining is that, from the properties that are selling, we get a clear picture of desirability. The median days on market for single family homes has remained fairly steady. The median days on market for condos, on the other hand, has tripled to 31 days. Understandably, with many people working from home and families sharing space more than ever, single family homes are more desirable than condos right now.

Moving Out
San Francisco and the surrounding suburbs have switched places in many statistics. San Francisco properties sit longer on the market and experience minimal gains in equity. Meanwhile, the MSP in counties like Marin or Sonoma has jumped up 15% or more since the initial shelter in place order. In these counties, the number of days on market gets shorter and shorter each month.

How to Move in This Market
San Francisco properties are still selling. The “right” properties are still seeing overbidding and multiple offers, but that kind of competition between buyers is now reserved for the select few and almost exclusively single family homes.

The market is ripe for entry level and first time buyers who were previously unable to wade through the fierce competition and constant overbidding. Now may also be the opportune moment for investors looking for an equity investment.

Explore the Bay Area’s best pumpkin patches. Can you believe it’s that time of year already? You’ll find pumpkins that are all shapes and all sizes for everyone in the family to take their pick. Alongside the pumpkin picking fun are corn mazes, pumpkin trains and face painting. Click here to read about details to keep you safe with COVID-19 precautions.
Read More »»

There are so many hidden gems in Golden Gate Park. One of these gems is Stow Lake. You can rent a pedal boat or row boat and get up close to waterfalls and historic bridges. Grab a quick bite at the Stow Lake Boathouse if you get hungry. This weekend outing is great for all ages making this a great destination. Read More »»

As we all know, we are still amidst the global pandemic. We are all eager to get back out there as businesses reopen. Gov. Newsom announced a four-tier reopening system. From salons, to dining to gyms or movie theatres, take a look by county here to see what to expect in your area. Read More »»