The Magic Words for Buyers
For over a decade, the words have gone practically unspoken within San Francisco city limits: “buyers market.” Now, it seems like their time has come. The months supply of inventory (MSI) for single family homes jumped to 3.2 months at the end of May. (It usually hovers between 1.5 and 2.5 months). For condos, the MSI increased to a whopping 4.3. (It usually stays between 2.5 and 3 months). There hasn’t been this much inventory in the condo market since October, 2011.

The median sales price (MSP) of condos is down 10% (landing it at $1.1M) lower market value more inventory = buyer’s market!


How is SIP Playing Out
Shelter in Place is a dominant force in the marketplace. Many city dwelling condo owners are putting their units on the market and moving into bigger spaces: single family homes and houses with exclusive outdoor areas and extra room for an office. Sellers do not seem worried about selling during a pandemic, and the number of new listings are returning to normal.

Buyers have been a little more tentative. One bedroom condos are sitting for a median of 42 days—double their previous days on market. Are condo buyers waiting for the elusive “SF deal” or are there just not enough buyers interested in multi family living situations at a time when we are relatively constrained?

One thing is certain. For entry level buyers, this is a chance to move into the city. By making a long term purchase in a buyer’s market, buyers ensure themselves equity over time. Additionally, interest rates are at an all time low (2.97% for a 30 year fixed mortgage). We encourage buyers to seize the moment. Contact your Corcoran Global Living agent today for more information about how to move into your new San Francisco condo.

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