Over the past seven years, we have come to know the San Francisco real estate market as a cycle of seasons. With high peaks and low valleys, these seasons have directed behavior for both buyers and sellers. 2020, an unprecedented year in so many ways, seems to have broken with this trend as well.

MSI and pending sales are the highest they’ve been in years.
The months supply of inventory (MSI) is hovering at a higher level than even the great recession of 2007 through 2010. The MSI of Single family homes is 3, which is a 23% drop from October. The MSI of condos is 6.1, which is a 20% drop from October.

The number of pending sales is also at its highest point in the past ten years. We saw over 800 pending sales in November while the average from the past ten years has been under 600 with peaks at around 700.

MSP and new listings are steady
While the MSI and number of pending sales have risen over the course of the year, median sales price (MSP) and the number of new listings seem to have stabilized for both Single family homes and condos. Single family homes have an MSP of $1.695 Million, and condos have an MSP of $1.2 Million. There were 158 new listings of single family homes in November, (down from 287 in October), and only 148 new listings of condos in November (down from 377 in October and 504 in September!).

Now is the time to get in the game
Together, all of this suggests a more even playing field for buyers and sellers. Given the low interest rates and the high inventory, now is a great time for buyers (particularly first time home owners or those new to San Francisco). That said, the steady MSP, despite increased inventory and the stabilizing number of new listings, indicates that the market is friendly to sellers as well. It seems we have all found our footing heading into the new year.

This year has been challenging for many. With the year coming to an end and the holidays upon us, it is imperative to help those in need by donating our time, money or items. If you’re in a position to give back to your community but aren’t sure how, here is a list of local organizations working to help those in need.
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New Year’s Eve will undeniably be different this year but that doesn’t mean you can’t still celebrate and have a good time! If you’re still unsure of what you can do, besides watch the ball drop at midnight, this list has a plethora of virtual events perfect for the whole family to enjoy!
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In years past, many of us have taken advantage of the opportunity to celebrate on New Year’s Eve with a fancy meal at some of the Bay Area’s top rated restaurants. Now, more than ever, these local businesses need our support! Here are some restaurants that are serving up special New Year’s Eve takeout dinners so you can leave the cooking to them.   Read More »»