As you may have overheard in crazed cell phone calls while waiting in line at Whole Foods, or while dishing with friends over coffee – the San Francisco real estate market is back, baby! We're currently seeing a flurry of activity unmatched since the pre-2008 go-go days. Over the last 30 to 60 days there have been countless reports from real estate offices of multiple offers and well-above asking prices in neighborhoods throughout the City. Example: my Pacific Heights condo received 14 offers! Suffice to say the current market is hot 😉
With all the doom and gloom we read in the national press it's important to remember that real estate is local. The reason for our local uptick? Threefold. Sales activity is up due in part to rising rental costs as well as lending guidelines beginning to loosen. Also, after being relatively flat for the past two years, prices saw a substantial 6.5 percent uptick in February. And of course, the big reason Lil' Miss SF Real Estate is wearing her prom queen crown is due to the very low property inventory. San Francisco is experiencing a four-year low in "months supply of inventory," which is a measure of how many months it may take to sell the current inventory at the current rate of sale. Work it SF!
...Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:
Most Recent Sales
San Francisco Market Overview
Where to Park your IPO Money
Is San Francisco Hipper Than Ever?
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