It’s Not Exactly Cheap, but It Is Cheaper in San FranciscoMay 12, 2023
As we noted earlier this week, there are over 40 percent fewer homes in contract to be sold in San Francisco than there were at the same time last year and over 30 percent of the homes that remain on the market have been reduced at least once, including some rather dramatic reductions.
And with the drop in demand, the average asking price per square foot of the homes in San Francisco which are in contract is nearly down to $900 per square foot, which isn’t exactly “cheap” but 10 percent cheaper than at the same time last year; over 10 percent cheaper than in May of 2020; cheaper than in 2019; and effectively as cheap as it was five years ago, and trending down, not up, which shouldn’t catch any plugged-in readers, other than the most obstinate, by surprise.
Comments from Plugged-In Readers
From the many examples highlighted here, it appears the luxury market is getting hit much harder than the lower end of the market. Is the median price also down a similar amount to the average?
Top end is imploding. Bottom end lending is getting weaker due to increased carrying costs and over pricing.
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