September Real Estate Report
|
Markets typically move in cycles characterized by pervasive economic outlook whether negative or positive and today, optimism generally prevails among those with financial resources. Because there are so many economic, political and ecological factors at play at any given time, it is extremely difficult to predict the timing, duration or magnitude of market cycles up or down. The last year and a half of remarkable real estate activity caught many real estate professionals by surprise. Here are some market sentiments since the pandemic hit.
|
|
Was the housing market better last year?
Abnormally high household movement occurred due to pandemic-related, population-density reasons and family/quality of life issues. Many work-from-home employees were able to save money by not dining out, not traveling, and sheltering in place with no nightlife or entertainment. The aggregate amount of savings in addition to federal stimulus checks generated a new personal wealth market for many households. As a result, there was a considerable increase in the number of buyers for first homes, larger homes and luxury homes.
The beginning of 2021 was a hot market, fueled by motivated Buyers who took advantage of February's historic low interest rates. Below is the last six months of sales data for both house and condo sales:
|
|
What to expect for the remainder of the year?
With delta variant cases continuing to rise throughout the U.S., the negative economic effect of the COVID re-emergence has become more obvious in the past couple weeks. Consumer confidence in the latest report dipped to the lowest level since February, while jobs growth slowed sharply in August. The speed bump for the economic recovery, however, is good news for homebuyers as the Fed will likely delay tapering and mortgage rates will be low for a little longer. With housing supply expected to improve in the fall, demand should stay solid as the lending environment remains favorable.
|
|
Open Houses This Weekend
This list is a loose compilation of open houses in the city. As inventory and open houses pick up, I will send more neighborhood specific lists. Feel free to contact me for more housing inventory.
|
|
|
|
Despite an acceleration in inflation, concerns about the pandemic situation continue to weigh on rates and will likely keep them low in the short term. This is good news for homebuyers.
|
NOW PENDING
711 4TH AVE | INNER RICHMOND
|
2 Bed | 1 Bath | 1,248 Sq. Ft. | $1,799,000
PENDING FOR OVER ASKING PRICE
|
|
NOW IN CONTRACT
112 ARGUELLO #5 | PRESIDIO HEIGHTS
|
2 Bed | 1 Bath | Asking $1,195,000
IN CONTRACT FOR OVER ASKING PRICE
|
|
NOW PENDING
3319 MAGNOLIA | OAKLAND
|
2 Bed | 2 Bath | 1,350 Sq. Ft. | Asking $799,000
PENDING FOR OVER ASKING PRICE
|
|
Sold
4403 24th Street
Noe Valley
3 Bed | 3 Bath
SOLD $2,300,000
Sold $305K Over Asking Price
-
|
Sold
2830 Pierce Street
Cow Hollow
3 Bed | 2 Bath
SOLD $2,300,000
Sold $300K Over Asking Price
-
|
Sold
3831 San Bruno Ave
Visitacion Valley
2 Bed | 1 Bath
SOLD $1,075,000
Sold For Over Asking Price
|
Sold
3539 Pierce Street
Marina District
3 Bed | 2 Bath
SOLD $2,650,000
Sold $365K Over Asking Price
|
|
|
© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
marketingcenter-sfbayarea-sfcityproper |
|
|
