San Francisco July '24 Real Estate Update Ascend RE
Ascend RE July 19, 2024
San Francisco
Ascend RE July 19, 2024
San Francisco
New listings have gone down over the past two months, which is to be expected for this time of year. March and April tend to be peak months for new listing inventory, then May marks a slow down which continues into the Summer months. Typically we will see an uptick of homes hitting the market during the Fall. Pending sales have also dropped, but are altogether stable. We speculate that buyer demand may be continuing into the Summer months as June did not see the usual drop off in pending sales. Sold listings have dipped as well, which is interesting since pending sales are stable. Active and months supply of listings have decreased slightly in June, which is, again, normal for the Summer season.
Sales price has held stable over the past 4 months, though we usually expect it to experience ebbs and flows during the market cycle. Overbidding has held at about 5-6%, meaning that homes are being bid on at about 5-6% over list price on average. The overall percentage of properties that receive offers over asking price has dropped slightly from 62% to 55%. In welcome news for sellers, price per sqft has hovered around 2.5-5% higher than this time last year for the past 6 months.
We can safely predict that the end of Summer and early Fall will continue to be strong months for the housing market. Anecdotally, our team has several listings planned to hit the market in Summer/Fall. We have also spoken to home stagers who are well-booked through the next couple of months. However, it’s hard to say what will happen in the height of the October Campaign season. If you are considering selling this year, it’s definitely time to take the next step, click here to get started.
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