May 2018 housing stats report was recently released by SF Association of Realtors. It shows the following local real estate trend
- Median Sales Price (“MSP”) of single family homes reached $1.62M, a +10% increase compared to May 2017. MSP for Condo/TIC/Coop properties was equal to $1.265M, a +8% increase v. the same time last year
- 84% of single family homes sold above their list price and those that fell into this category received 120% of their asking price. As a way of comparison, 69% of Condo/TIC/Coop properties sold above their asking price, receiving 109% of their list price.
Of note from the Report:
ü Prospective home buyers should expect a competitive housing market for the next several months – with payrolls trending upward and unemployment trending downward in an extensive string of positive economic news, demand remains quite strong
ü Gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later – buyers need to remain watchful of news listings and make offers quickly
ü Strong Seller’s market situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals compared to a decade ago
For more details, please download the enclosed copy of the report.
With best wishes,
KATE BATZOGLOU (STANTON)
Associate Broker, Pricing Strategy Advisor (PSA®)
CalBRE No: 01445813
c: +1 (415) 601-0926
Disclaimer: Information provided herein was derived from public sources deemed reliable, it is intended for information purposes only, may contain errors and is subject to revision.