Weekly Highlights

  • Chris Jurach
  • 08/24/21

Active Units

 

Last 7 Days of Absorbtion

 

In Contract Under 30 Days

 

Last 7 Days of Absorbtion - Between $1M - $2M

 

Last 7 Days of Absorbtion - $3M+

 

Last 7 Days of Absorbtion - Between $1M - $2M

 

Last 7 Days of Absorbtion - 3$M+

 

Last 7 Days of Active Listings

 

Last 7 Days of Active Listings

 

Last 7 Days of Sold / Closings

 

Last 7 Days of Sold / Closings

 

Each week, I study the San Francisco Multiple Listing service to uncover trends in the real estate market. The market trends derived from this data lead to insights and help to inform my clients about the decisions we make regarding pricing. For Sellers, we can determine a keen sense of the current Buyer demand through the past 7-days of absorption and the amount of property selling in under 30-days [segmented by price point/ property type]. For Buyers, we can see the strength of the Buyer pool and how rapidly homes are being sold. These trends, examined over the span of a few months, highlight the distinct seasonality of our local market.
 
The luxury real estate market in San Francisco tends to be cyclical and seasonal. Spring selling season starts mid-February [just after Valentine's day or the Superbowl] and typically lasts until mid-June. The number of new listings as well as buyer demand rapidly increases as we enter the warmer weather found locally in mid-April through May and Summer usually brings a slowdown to our market. This is somewhat driven by school schedules, the single-family home market, Summer vacations or simply getting out of town while Karl the Fog is in town. Listings often flood the market again, just after Labor Day, and we experience a more compressed Autumn selling season lasting mid-September through late-November (about 75 days) as rainy weather comes and the holiday season begins. Many listings are then removed from the market  before New Year's Day, and Sellers will aim for a relaunch at the beginning of the new year or the next spring market.
 
I happily share these weekly highlights and trends via direct email as it is common that I work with Sellers over the course of 1 or 2-seasons (planning the sale of your property is highly recommended). In the highlights of our weekly meetings, we discuss both good and bad examples of marketing (staging, photography, or general property exposure) and review the pace at which our luxury homes are being sold (or resold). If a property didn't sell for a period of time, or the listing was cancelled or expired and then it sold quickly with another broker, we use this as a case study to uncover a better pricing strategy or the use of better marketing.
 
Buyers have been buying larger homes through the years and there was a notable spike in size during the pandemic especially as buyers migrated more frequently or their needs have changed. One of the trends (not revealed in these slides) is the appeal for more compartmentalization, or outdoor space. One obvious trend we are still reeling from, is the lack of condominium sales that occurred last October, and many sellers that have relocated are still trying to sell their property.
 
In July, the pace of home sales across San Francisco experienced the typical summer-slowdown after the breakneck speed of the spring selling season.  However, this slowdown is relative; there were more property sales last month than any of the past seven Julys! Single family homes continue to be the most desired property type.  The median sale price is up 15.5 percent from last July and homes on average trade 18.7 percent over their listed price.  Over eight-out-of-ten single-family homes sold over asking and 85% of them sold in under 30-days of being on the market. 
 
While the median sale price for condominiums softened 3.8 percent compared with last year, the median price per square foot ticked up, and inventory continues to be lower.  We are also seeing an increase in demand for the ultra-luxury segment; with sales recording at The Four Seasons Residences, The Avery, 181 Fremont, and the penthouse at Lumina. There is confidence being shown on all sides of the market.
 
Any thoughts on this? Would you like me to send you a copy of the weekly highlights?