SF rental prices experience largest yearly drop since records kept, fall another 7% MOM

San Francisco saw a steep increase in both sales and inventory from July – September. Inventory continues to increase much faster than the sales rate and price reductions are heavily concentrated in the condo market. Affluent buyers have been making up a larger portion of people buying homes who have been less affected as the stock market returns, whereas the entry level buyer pool of tech workers is likely leaving the city to work from home as the pandemic continues.

“The average size of home that sold in the third quarter was 1,997 square feet, compared to 1,890 in the third quarter last year.” 

Many downtown high-rise offerings continue to sit with up to 10 months supply of inventory, while listings in more suburban neighborhoods tend to trade faster and slightly above asking price. The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

Nevertheless, it’s important to grab the attention of buyers quickly without getting lost in the surplus of inventory. We had our busiest month in September with 9 Closed Properties, 2 Pending and 4 Coming Soon! Although Days on Market have been climbing in recent months, our listings have been outperforming the market with higher selling prices. 

We are here for all your real estate needs! 
1. Our team sells at a high volume with over 122M sold since 2018 
2. We are well connected with top agents in the Bay area and can leverage our agent community to get you best return on investment 
3. We take care of the project management at no costs to our clients and offer a team of trusted partners that will design and complete the improvements at our preferred rates