San Francisco continued to experience strong buyer demand in October for both single family homes and condo/loft/TIC’s, but not at the same level as September. These buyers had very different pricing appetites with single family home buyers offering strong above list-price numbers and condo buyers offering below-list-price numbers. The year-on-year sales price levels reflect this, with single family homes up 3.1% while condos dropped 8.2%. Inventory continues to grow faster than sales, and we are seeing that condos make up apprx 80% of the price reductions in the San Francisco. The number of Condo, co-op and TIC listings on the MLS are at their highest point ever, apprx. 85% higher compared to last year. 

The market for Single Family Homes is HOT and interest rates are still LOW! Are you considering buying and curious what the home buying process looks like? Read it on our website here. 

With the election behind us, it is likely that buyers and sellers who may have paused in October will re-engage with the market. This is especially true given the incredibly low interest rates that make buying now affordable for so many. On the selling side, passage of Proposition 19 will bring more long-time owners over 55 to the market with their new property tax portability.

Unless the economy or interest rates changes significantly, expect buyer demand to remain strong and single family prices to remain high throughout the remainder of 2020 and into first quarter 2021. However, it is likely to take widespread use of a vaccine to change the sales price downward trajectory with condos.

Are you considering buying, selling or investing in real estate inside OR outside of San Francisco? We are here to help! We have a wide network of top agents in all surrounding areas and states. Please reach out for a personalized consultation at mia@miatakami.com, 415.729.2596.