This is a weekly YoutTube vlog series dedicated to informing YOU about the last week's market movements.
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Starting in the Condo market, we saw about the same number of listings last week as we did a previous couple of weeks, with just around 100. However, in terms of total listings, February looks to be about the same as February in terms of total listings. This is quite normal, however, it is still 40% fewer listings than in 2021, and 50% less than 2020, before the pandemic started. We are also seeing the average sale price remain steady at around 105% of the list price for condos that sell within the first month. This is down just a couple of percent from the peak in January when availability was a bit tighter.
Single Family Homes
In the single-family home market, we are seeing a significant drop in listings from January. There were around 265 listings in January, but only 177 in February… this 30% drop is being felt by buyers, especially in the Under 2M market where there are still plenty of buyers. This is shown by the fact that Days on Market remain at 11 days and the sales prices of these homes remain at about 25% over list.
In the luxury market, we have a similar situation, with a 20% reduction in listings from the previous month, at only 94 for February, down from 117 in January. Availability is up however due to a decrease in pending in the under 3M market, with only 3 last week, down from 11. We are watching this market closely as we have been seeing pending listings gradually slow through February.
Overall we did see a slowdown in pending listings across all segments last week. There are a couple of possible reasons for this.
- First, mortgage rates are going up, lowering the buying power of buyers
- Second, I heard from a few listing agents that they saw noticeably less traffic at their open houses. I admit this is purely anecdotal for now but this may have been due to global events unfolding last week.
Thank you for joining me for this Monday morning update. Next week I’ll have the final data from February and a more accurate analysis of what the mortgage rates are doing and how events this last week affected the San Francisco Housing Market. Remember to subscribe to this channel to stay informed on market conditions. And as always, feel free to message me directly if you are curious about what your home is worth or wonder if buying into this market is the right move for you.