Uncategorized August 19, 2022

Buyer Opportunities in a Sellers Market

Musical Chairs in San Francisco — When will it Stop?
The results are in, and they are remarkable. Lives are changing, people are moving and placing more value on their homes than ever. In fact, 48% more condominiums and 20% more single-family homes sold in 2021 than in 2019 (before Covid-19). Not only is inventory turning faster, but over the past 10 years the median price for a single-family home has increased by 169%.
Residential Real Estate Transactions in San Francisco
Ready to Go!
The appetite for properties that are updated and move-in ready is voracious! San Francisco homes sold on average in 16 days and 73% of those sold above listing price. Quality renovated, and newly constructed residences are the first to sell, and they are in short supply.
Are there Opportunities for Buyers in 2022?
Yes! Here is why:
1. There are more choices than ever, as illustrated in the chart above.
2. Properties that need work, are not properly prepared, or not competitively priced will sit on the market longer, creating an opportunity for discerning buyers.
3. District 9: The average price per square foot for a condominium was down by 8% in 2021, compared to 2019. Condos sold on average in 43 days, taking 23% longer to sell. District 9, which includes South of Market, Inner Mission, Mission Bay, and Potrero Hill, trended downward with price per square foot 15% lower and a median price of $1,200,000, which is 4% lower than 2019.
South of Market, San Francisco, By Caroline Culler (User:Wgreaves) - Own work, CC0, https://commons.wikimedia.org/w/index.php?curid=14666755
The Laury Team
We are ready to work for you and help you achieve your real estate goals in 2022. Please contact us for a complimentary competitive analysis of your current property, or one for your dream property.

Happy New Year!
The Laury Team