Welcome to our May newsletter. This month, we’ll continue to update you with important information about the local real estate market during these unprecedented times. We know homeowners have questions about home values and the equity they have built up these past few years. Potential buyers want to understand changing market conditions and how to negotiate the best offer for themselves. With that in mind, an overview of the numbers indicate the San Francisco housing market is surprisingly looking quite strong.
The number of homes under contract has risen every week for six straight weeks, indicating a recovery may already be underway.
May Housing Market Update for San Francisco
While the pandemic’s impact on the housing market progressed rapidly in March, the April housing market data illustrates a stable market, albeit at a new normal. The graph below illustrates the available housing inventory by week rather than by month (as is typical) to illustrate how the market has changed over a shorter timeline. We can see that supply levels declined in March, but have since flattened. A significant number of sellers continue to remain in the market, and this so-called floor might indicate that active listings have fallen as far as they will go.