More on the autumn surge
It’s not even officially fall yet, but we’re already seeing the inventory surge that typically comes with the changing of the seasons from summer to autumn. To commemorate this – and to keep you all apprised of changing conditions – Paragon has drafted its September 2014 report, which finds that a whopping 300 new listings hit the market in the first week after Labor Day. To compare, May – our biggest new-listing month thus far this year – had a total of 270 new properties on market.
This summer’s slowdown was more drastic than most years. Compared to last year, the number of listings that came on the market fell 12 percent, with the number of sales tumbling 16 percent and median sales prices also declining significantly from spring’s peak. However, it’s important to keep in mind that these are normal due to seasonal factors.
The chart that accompanies this article offers a comparison of Months Supply of Inventory (a measurement of buyer demand against the supply of homes for sale), median Days on Market (how quickly new listings go into contract) and median home prices. These are for both the city and state as well as the country. A seller’s market is reflected by an MSI of under 3 to 4 months; at an average of 1.5 months of inventory over the summer, the city would typically be considered an extreme seller’s market.
If you’re interested in San Francisco’s most recent listings, they can be found here, easily sortable by neighborhood, property type and listing price: New Home Listings.
Tomorrow: 10 factors behind the San Francisco real estate market. Stay tuned!
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email email@example.com. www.ceceblase.com