Happy Spookie October – San Francisco’s favorite time of year. Last time I wrote we were jumping into the Fall selling market and now we are solidly in the thick of it. The inventory is up from last month, but we are still far below where we need to be for the demand.
Take a look at the properties that sold in the month of September. The average for sales price over listing price was 47%! That’s quite something. Throughout the city this is a trend, but I think the only neighborhood that has Glen Park beat for over asking is Central Sunset, but they are very close and Glen Park is trending up more in the past month. One quick note on the Pending Properties – 135 Whitney just changed to Sold and the final Sales Price is $4,700,000 (38% over asking).
Will overbids and price appreciation slow down? We’ve seen increases in interest rates and at my most recent check we are currently at about 7.5% on the 30 year fixed. If you have a relationship rate with your bank you can do better than that, but that’s the state of things. Some segments of the market will see a little cooling off, but in a city where 30% of all sales are cash, it doesn’t have quite the chilling effect that you’d see in most areas of the country.
So, what we’ll need to revisit next month – Has the increased interest rate had an effect on the market? Has the election had an effect on the market? For now I anticipate that inventory will remain pretty tight especially as we start getting closer to the holidays. I also anticipate that their will still be plenty of buyers for the properties that are out there.
Until November…
Now, for the Glen Park Transactions/Listings for the month of September
Here’s a look at what sold in the month of September
Here’s a look at what’s currently in contract
And lastly, the inventory that is currently available in Glen Park
Check out my latest market update video at: TheBayInsider.com (new episode coming in the next week or so)