SF Home Sales Outpacing Nation
Anyone who is buying or selling in the Bay Area and wants to find something before the interest rates go up even higher ought to hurry up and act quickly, because houses in San Francisco and the surrounding areas are selling extremely quickly – in fact, they are selling faster than anywhere else in the United States.
A new report says that United States properties, including co-ops, townhomes, condos, and single family homes sold in 45 days in February 2017, fourteen days less than they sold in February 2016. In a statement about the report, NAR’s Chief Economist Lawrence Yun said that the supply and demand system is making prices go up, reducing affordability, and creating a sense of urgency in the housing market.
“Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market,” he said.
That is exactly what is happening in and around San Francisco. Homes in Santa Clara County were sold in 21 days, the quickest pace anywhere. San Mateo County had homes selling in 23 days, Alameda in 24 days, and San Francisco in 25 days. Zip code 95111 (in San Jose) saw an average of just nine days on the market.
The trend is likely to continue, with home prices all over the US rising for the sixtieth consecutive month. The median price for an existing home came in at $228,400, up 7.7% from 2016. Over the last year, inventory dropped by 6.4%, making it the twenty-first straight month of declines in availability.
Statewide, California continues to be the most expensive housing market overall, with eight of the top 10 counties with the highest median list prices per NAR. Individual cities all over the state continue to make the list as well, with some cities falling off but others making their first appearances on the list.
For California and San Francisco, in particular, it means that people need to be ready to act if they want to buy new homes or apartments. The competition only continues to get stiffer as the tech industry grows and promises to be one of the most successful in the coming years.
“Seek a preapproval from a lender, know what your budget is and begin discussions with a realtor early on about your housing wants and needs,” NAR President Willian E. Brown said of getting on the stick earlier so that you aren’t stuck somewhere you don’t want to be. “A buyer’s idea of a dream home in a popular neighborhood is probably the same as many others. That’s why they’ll likely have to decide quickly if they see something they like and can afford.”
In times like this, it is extra important to have a real estate professional who can help you find a property that is worth your time and in the market you want. If you are selling a home, you have to find one that knows how to take advantage of situations like this and make you more money.