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Valentine’s is over but there’s still love in the air—especially looking at the stock market. 💘👀
All the big tech stocks got a boost on Thursday, with the S&P500 riding to a new record high on the coattails of chipmaker Nvidia’s massive earnings and the AI boom.
The demand for super-scarce, superpowered microchips has not only propelled Nvidia to be the fourth most valuable company in the world, but also reflects a similar situation in SF Bay Area real estate.
Single-family homes for sale remain very scarce and sought-after in San Francisco, especially those in the $1-3M range where the bulk of sales occur, which has only 0.8 months of inventory on the market as of Feb 1. Condo sales are warming up too, with inventory down from around 5 months in October (when mortgage rates peaked) to 3 months in January.
On the ground, we’re seeing more open house visits and a small uptick in new listings over this time last year, indicating stronger activity in the early spring market. With mortgage rates stable in the 7% range (translating to around 6% for most local buyers), the booming financial landscape is likely to boost homebuyer demand in our stock-sensitive market.
We actually started seeing this trend last month. Pending SF homes sales were up big year-over-year in January, with considerably more sellers accepting an offer on both houses, +48%, and condos, +28%. Sellers also received a higher median sales price than last year, increasing +8.4% for houses and +9.6% for condos.
There’s always a little love and war in real estate. ❤️⚔️ Buyers tussle with sellers and battle each other for the most desirable properties. But at the end of the day, what we’re aiming for is a win-win, where everyone feels they got a fair shake and the buyer has a new home they love.
Warren Buffett protege among outside investors betting on downtown S.F. Could it signal a buying frenzy? - SF Chronicle
A single piece of homemade audio is fueling a San Francisco positivity push - SFGATE
The history of Lunar New Year parades in SF's Chinatown - Axios SF
San Francisco's 2024 Point-in-Time count explained - SF Examiner
