The January issue of Market Focus Report, issued by the San Francisco Association of Realtors characterized the market recovery continuing in 2014, though at a more moderate pace as it returns to a stable, healthy pace. The report identifies trends to watch for in 2014, including increased seller activity, more new construction and fewer foreclosures on the market. Inventory will be a key metric to watch.
Those of you in the know, know that you can buy a home in San Francisco throughout a broad range of neighborhoods. And depending on the neighborhood, prices currently start from $425,000 in the Southeast part of the City to an average high in the $2-$3 Million range, with the most pricey listing at $30,000,000 for a 7 bedroom, 13,500 sf home in Pacific Heights. There are currently 66 active listings over $1.5 Million.
Compared to January of last year, the Citywide Median Sales Price was up 24.6 percent to $928,000 for single family homes and 24.6 percent to $950,000 for condo properties. The Active for Sale inventory is 252 for single family homes and 368 for condo properties, with an average of 47 days on Market. The months of Supply of Inventory decreased 20.0 percent for single family homes to 1.2 months and 31.6 percent for Condominium units to 1.3 months.
Given how far the Market has come, it's a good time for folks to reassess their situation. Many who were hesitant to sell in recent years may find themselves in a completely different position. Getting a fresh Comparative Market Analysis might be a good idea!
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area