Get it While It’s Cool – Monthly Newsletter – September 2022
by Anne Laury
San Francisco Buyers stay Vigilant
New listings are down significantly, which means the competition continues for properties that are prepped and priced to sell. Savvy agents know how to position their listings for multiple offers. If you find something you like within your price range — grab it!
Median Price Down 10% for Single-Family Homes!
Comparing June 1, 2022 – August 31, 2022, to the same period last year, the median price for single-family homes is down by 10%. That said, sellers are still getting an average of 12% over their asking prices. As you may recall, in 2021 we experienced record volume, so it is no surprise that the number of homes sold dipped by 36%. Homes are selling slightly slower, with an average of 50 days on the market.
The average price per square foot for a single-family home decreased by just 4% from its all-time high in 2021.
When we isolate the month of August, we see a decrease in the median price by 7% but it is still 8% higher than pre-COVID-19.
Median Price Down 19% for Condos/Coops/TICs!
The hardest hit due to COVID-19 are multi-family units. The median price for a condominium in August 2022 dropped 15% from 2021 and 19% from 2019. Sellers are still achieving an average of 7% over their asking prices thanks to strategic pricing.
Vacation is Over
The Bay Area leads California in job growth, producing nearly three-fourths of all the jobs added in California, according to a new report released by the Center for Continuing Study of the California Economy. As you may know, many companies are urging their staff back to the office though the San Francisco office scene has yet to rebound. Once it does, expect prices to rise again. Now is a wonderful time to stake your claim!
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