Homes for Sale in San Francisco Goes Up

Last month in February, we saw a lot of activity in the San Francisco real estate market. Per Mercury News,

“There were 43 percent more homes on the market last month in the San Jose metro area, which includes Santa Clara and San Benito counties, than there were in January 2018, according to a Zillow study released Thursday. Inventory increased by 25 percent in the San Francisco metro area, which includes San Francisco, San Mateo, Alameda, Contra Costa and Marin counties.”

 

 

Image result for real estate activityPhoto: ChuckTown Homes Real Estate

 

“There’s no doubt that the winds have shifted very rapidly in the Bay Area housing market,” said Zillow senior economist Aaron Terrazas.

 

There were several newly listed homes for sale in the city, which number also roughly matched new purchase contracts that closed.

Image result for contract signingPhoto: Neupane Law Associates

 

Compared to the same time last year, the active inventory of homes on the market had actually increased by about 12 percent higher!

 

“There were 7,792 homes on the market in the San Francisco metro area last month, up from 6,233 the year before,” according to Zillow.

 

Image result for more homes for sale san francisco

Photo: Fortune

 

Also, the percentage of homes listed for sale in San Francisco where the asking price was reduced at least once is holding at around 15 percent – which number is 2 percentage points higher on a year-over-year basis, per SocketSite’s report.

 

However, still comparing to this time last year, the number of homes in contract to be sold is 8 percent lower this year.

Image result for business person looking worried at computerPhoto: TNW

 

And the average list price per square foot for homes in contract seems to be roughly even at around $945 per square foot.

Image result for hardwood flooringPhoto: Hardwood Giant

 

Source: SocketSite, The Mercury News, Zillow

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