Welcome to my San Francisco Monday Morning Market Update!
This is a weekly YoutTube vlog series dedicated to informing YOU about the last week's market movements.
This is a link to the video!
Text of Video:
Starting in the Condo segment we are seeing a little pullback in listings. In the under 1M segment we did see 36 new listings but in the over 1M segment, we only saw 15, this is 47 less than last week, making the total condos on the market 510, which is 18 less than last week. The DOM is also falling fast, with 24 days for the under 1M segment and 16 or over 1M segment. The new listing sales price to list price holding steady at just over 102%.
We are seeing a similar situation in the single-family home market. We are seeing a slowdown in listings, but no slow-down in buyers. Total available homes in this under 2M segment is 85, which is 6 less than last week, and the sales-price to list-price of the 1-2M segment holding strong at 25% above ask.
This leads me to the luxury market where sellers have really pumped the brakes. New listings were down to 16 in this over 2M segment, with the total homes available being only 56. In the 2-3M segment, we are still seeing sales prices hovering around 20% above the list price.
This slow down in listings across all segments will have an impact on buyers. Successful buyers in this market will have to act fast, as most of the new homes are sold within a week.