While effectively unchanged over the past week, as expected, the number of homes on the market in San Francisco (710) is now running roughly even with the same time last year.
At the same time, pending sales activity in the city remains down and has been running an average of 5 percent lower on a year-over-year basis since the beginning of June.
Seeing a lot more price drops out there.
Yeah, totally. These houses all got under asking. I think they are really show how the market has cooled off: 4374 Cesar Chavez, 322 Chattanooga, 400 Fair Oaks, 1150 Monterey Boulevard.
I mean take that Fair Oaks place, listed at a bargain $1565/ft and barely got over $1530/ft.
And, also anecdotally, but both a colleague and a friend JUST bought houses listed in the $1.2-$1.3 range in the Sunnyside and Miraloma areas. One got it for 200K over, and the other for 300K over. I thought that these overbids weren’t in the market anymore, but apparently not.
The market is clearly not crazy the way it was a few years ago. But it’s still a bit insane compared to a “normal” market.
Keep in mind that the median sale price of homes in the Sunnyside and Miraloma areas has been around $1.48 million over the past year, which is roughly, or nearly exactly, $200-300K above that aforementioned range of $1.2-$1.3M “list” pricing.
yeah, there’s that. I’m so tired of that real estate practice, but there seems to be no reforming it.