This is a weekly YoutTube vlog series dedicated to informing YOU about the last week's market movements.
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Starting with the Condo segment, we saw about the same number of listings this last week as we had the previous week, at just under 100 new listings. Also saw a significant increase in pending listings, up 19 in the under 1M segment to 48, and up 25 in the Over 1M segment to 54. This is partly due to the season but also a lot of these additional pending were from older listings. As buyers find themselves in an ever-tightening market, some of these older listings are looking more appealing as a lot of buyers are not finding what they want in new listings. This is also contributing to the lower Days on Market in both categories.
Single Family Homes
In the Single Family Home Market, we are seeing a slight increase in listings, with 14 in the under 1M segment and 40 in the 1-2M segment, bringing the total homes available to 25 and 89 respectively. Unlike the condo market, the pending decreased significantly. However, one notable observation was a spike in Closings, which was due to the rapid absorption of inventory during the middle to end of last month, as buyers returned in Mid-February after the holiday break. We are also continuing to see a gradual rise in list prices of similar homes, as we are seeing proportionally less inventory in the sub-1M market and more in the over 1M market.
Luxury Home Market
In the Luxury Home segment, we see the gradual increase in listings continue, with just under 100 available homes on the market this week. Pending’s did increase from last week though, from 8 to 18. As noted, last weekend was slow in showings and some cite global events for this. DOM stayed at 11 days for the under 3M segment and lowered to 12 days for the over 3M segment, which is down by 2 days.
There seems to be no relief in the market, as availability is still seasonably low and buyers are swarming open houses. One listing agent I talked to said they had over 200 parties visit an open house for a 3bd 2ba single-family home prices at 1.5M in San Francisco. This only shows how low the inventory is in relation to how many buyers there are. We are also seeing the sale price to list price continues to go up, as well as the average listing price.
Last, in Mortgage news, the latest global events have sent the treasury bonds lower by almost 0.5%, which lowered interest rates again, raising buyer power. Buyers agents are urging clients that now would be a good time to lock in interest rates as this may be temporary.