Joske's Monthly Real Estate Update

Home sales typically slow during the winter months, but Pacific Union’s real estate markets in the Bay Area and Tahoe/Truckee have stayed busy through January (and on into February), with buyers eager to make purchase offers even as the inventory of available homes remained exceptionally tight. All of our regions reported strong sales activity in January as measured by the percentage of homes in contract. Typically, more than 35 percent of homes in contract indicates a sellers’ market and less than 25 percent reflects a buyers’ market. A balanced market has 25 to 35 percent of homes in contract. Other measurements, such as median sales price and months’ supply of inventory, also reflect market activity. 

 SAN FRANCISCO

 Southeast San Francisco had the greatest supply of homes for sale in January, with 199 in District 9 (South of Market, Inner Mission and Bernal Heights neighborhoods) and 136 in District 10 (Bayview, Visitacion Valley) – nearly 40 percent of the city’s total (869). The fewest homes for sale were in District 3 (Ingleside, Stonestown, and Merced Heights), with 27 on the market. The percentage of San Francisco homes in contract reached 40 percent in January, the highest level in years. The tightest markets were for homes priced from $3 million to $4 million (eight of 15 homes in contract, or 53 percent) and from $750,000 to $1 million (79 of 162 homes in contract, or 49 percent). The greatest number of homes were priced from $500,000 to $750,000 (246), followed by $100,000 to $500,000 (182), and $750,000 to $1 million (162).

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