DANIELLE LAZIER REAL ESTATE NEWSLETTER: JUNE 9, 2021
It’s the Wild West in SF real estate!
Buyer demand is back with a vengeance, and the Gold Rush for bargain-priced condos has all but ended.
More condos were sold in April and May than in any 2-month period in over 10 years. By last month, the 2020 motherlode of condo supply had dwindled to a third of its pandemic-driven peak.
While condos have seen a major shift, what’s really wild is happening in the single-family market.
Since March, San Francisco single-family homes have sold in a median of just 10 days on the market. That’s three consecutive months at the quickest rate of sale on record, since at least 2005.
(See my latest video update for thoughts on why this is happening.)
Single-family homebuyers may get some relief as more listings hit the market in the fall. For sellers, the summer could prove an attractive entry point to beat the crowd.
Like the Wild West, this market frenzy won’t last forever. The pendulum will swing back to more familiar levels, just as it rocketed out of its pandemic slump.
In the meantime, it’s more valuable than ever to have an agent on your side with deep industry connections and strong negotiation skills to get you the results you want.
As always, please don’t hesitate to reach out with any real estate-related questions. We are very happy (and grateful!) to help you and anyone you send our way!
SAN FRANCISCO REAL ESTATE UPDATE: NEWS, INSIGHTS AND LUXURY LISTINGS
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