Dan Risman Jones | April 13, 2022
We are back from a real estate conference in Anaheim, and it was so lovely to be with people again. This month, we are looking forward to traveling during the kids’ spring break, as well as celebrating some upcoming festive holidays with our family. |
Anaheim, CA. |
Total active listings in the San Francisco market dropped in March, and I expect the same will happen in April. The spring housing market historically sees stable or increasing inventory levels, and that is not happening right now. After 4 months of unusual inventory levels, it seems we finally have cleared the 2020 and 2021 COVID inventory bubble. After an increase in January, new listings are down for the second month in a row, which is unusual for early spring. While this number can bounce around, we typically see an upward trend from January–May. Pending sales, on the other hand, are way up — near record highs. The number was more than 700 for March, and more properties went into contract than came on the market. Sold listings, too, are increasing dramatically. Days on market remain near historical lows for both single-family homes and condos — not surprising given inventory levels. Sales price just squeaked into record-setting territory with an average sale price of $1,512,000. For single-family homes, the average is $2,060,000, and for condos, it is $1,250,000.On average, properties are selling at 12.4% over the list price. This is quite high; only 5 months have ever had prices go this much over asking. Single-family homes are going for 22% over asking — a record for overbidding — and condos are selling at 6.6% over asking. 70% of all properties are selling over list price, and 87.4% of single-family homes are selling over list price. |
Anaheim, CA. |
For sellers, now is as good a time to sell as any we have seen, thanks to incredibly high demand, record high pricing, and low inventory. Buyers may be finding it difficult to compete on the few homes that are available, but I’m proud to say our team continues to get buyers successfully into a contract: 6 buyers in the month of March alone.
We will be thrilled to help you navigate this unusual marketplace. Please reach out to me to discuss your own unique needs, as well as what is to come in the San Francisco market.
Thanks,
Dan
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