Fall Market Update
I hope you all enjoyed a fabulous summer and a bit of time to relax with family and friends. Now that summer is over and for many families, children are back to school, the fall market is set to take off. We saw a large increase in new inventory this past week which is a nice change from the limited inventory we saw over July & August. In fact, SFH listings were actually down approximately 40% and condo listings down 17.3%.
While most Bay area counties have actually seen a slip in median prices this year from 3-5%, San Francisco's median home prices returned to the peak prices of spring 2018 and our prices actually hit slightly higher numbers before dipping a bit over the summer months. San Francisco's economy is still incredibly strong with contributing factors including an influx of wealth from the recent tech IPO's, the Federal Reserve's reduction in interest rates and limited inventory which all help to maintain the strength of our market.
The talk of another decrease in interest rates should help frustrated buyers off-set affordability pressures and it certainly helps sellers when there is an increased number of qualified buyers in the market. This fall should be a good indicator of where the market is headed in 2020 and we are all watching the market trends closely. Stay tuned to see how the market shapes up this fall.
*Sources SFARMLS July-Sept 2019; Market Watch Sept 2019