July showed the continued strength of the San Francisco real estate market with steady increases in the median sale price of both single family homes and condominiums. Negotiations are taking longer and Buyers are flexing more muscle as the availability of desirable homes remains low with overall inventory down more than 22%. The Days on Market was up by more than 28% which is not atypical for July. However, Sellers are being patient and waiting for the desired sale price. Their patience is paying off and over 75% of homes sold over the list price. The average sale price was more than 104% of the list price. Interest rates continue to remain below 4.0% – a trend we anticipate will continue throughout the year. Most experts expect interest rates to begin a slow rise in early 2017 making now a great time to buy, sell or trade up.
Read the full report here: SFAR MarketFocus – July 2016