Dan Risman Jones March Update
Dan Risman Jones | March 13, 2022
Dan Risman Jones | March 13, 2022
| We were very excited to get in some winter fun with the kids in Tahoe, where we skied, played in the snow, and went sledding. How lucky we are to have so much beauty to visit nearby! But we are back and ready for spring — in so many ways. |
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The spring market is starting, and it’s the longest sales season of the year. Current inventory is very, very low, so we are looking forward to new spring inventory hitting the market. It’s doubtful, though, that enough inventory will come online to meet demand, which likely will further drive up prices. We are headed into a strong seller’s market after some interesting February metrics: The number of new listings was down year over year in February. It reached its lowest point since 2019. 2022 inventory looks like it will trend to pre-COVID levels, so there will be a lot less inventory than people may have grown accustomed to during the past two years. Pending sales and sold properties both were quite high for February, which has pushed current inventory even lower. Average sales price dropped during the holidays but jumped back up 9.5% in February. Days on Market dropped dramatically to 12 days — the lowest number on record for residential properties in San Francisco — likely due to the lack of inventory and higher demand. Months supply (how long it would take to sell all inventory on the market) is at one of the lowest levels since 2018. In fact, it was the lowest level for February in the past 7 years. In February, 60% of properties sold over listing, and properties are selling at 11.4% over the asking price on average — the highest number since 2018. While all the factors I mention above affect this, properties also may have been priced a bit lower in February, allowing for more overbids. |
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With the spring seller’s market upon us, we are prepared for every eventuality and stand ready to help you buy or sell. 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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