A Little Holiday Cheer
For a few months now, we have noted the rising months supply of inventory (MSI) for both condos and single family homes. While we typically expect a dip in the market around the holidays, this year, winter is bringing some stability. Since last month, the MSI of single family homes has dropped from 4.4 months to 3.9 months, and the MSI of condos has dropped from 8.3 months to 7.6 months.

Of course, these numbers are still very high. If we look at the MSI year over year, single family homes are up 30% since November of 2019, and condos are up 200% (yikes!).

Good News for Buyers
The large volume of available properties presents the best opportunity for buyers in years! On top of the high MSI, interest rates are low. To understand the buyer pool as it relates to the selection of available property, we look at percent of list price received. This tells us how much buyers are willing to bid. In a competitive market, we see properties selling for more than their list price as buyers overbid in order to ensure success.

Since last month, the percent of list price received for single family homes rose 2% to 106%, and that of condos held steady at 100%. At this time last year, single family homes were at 114% and condos were at 106%. These numbers suggest that buyers still outnumber sellers and continue to compete for property. However, this year could be the perfect opportunity for entry level buyers or buyers looking to upgrade.

District 9 Highlight
This month, we want to highlight district 9, which includes, among others, SOMA, The Mission, Potrero Hill, and Bernal Heights. The median sales price (MSP) of condos in this district is down nearly 10%. In October of 2019, the MSP of condos was $1,185,500. This year, October saw a condo MSP of $1,068,000.

SOMA and Dogpatch are home to a number of newly built condo developments. Newer developments have traditionally been more sensitive to changes in the marketplace. Of course, district 9 has a wide diversity of neighborhoods; some of its sub-districts may not be perfectly represented by the average for the combined areas. The best way to find out about opportunities in district 9 is to contact your local Corcoran GL Realtor.

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