As we enter the final quarter of 2017, the news has continued to provide relative calm so far for both Buyers and Sellers. The national unemployment rate of 4.1% (has not been this low since December 2000) as well as mortgage rates of around 3.9% (v. historic average of about 6%), have helped to keep the pool of potential buyers full.
October 2017 housing market report by SF Association of Realtors shows the following trends:
Median Sales Price (“MSP”) of single family homes has reached a historic high of $1.588M, a +13.4% increase compared to October 2016. MSP for Condo/TIC/Coop properties is now $1.14M, a modest +0.2% increase v. the same time last year.
83% of single family homes sold above their list price and those that fell into this category received 115% of their asking price. As a way of comparison, 67% of Condo/TIC/Coop properties sold above their asking price, receiving 107% of their list price.
I find this except from the report worthy of a separate note: “Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes”.
Personally, I am curious to see the effect of the proposed tax reform on the local housing market should it become adopted. For more details, please download the enclosed copy of the report.
With best wishes,
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.