Happy March Glen Park!
We are well into our spring market now and the word on the street is, “Where is the inventory?” We are currently at historical lows for inventory. That paired with the increased demand has made for an incredibly frothy market.
HERE is a chart that shows the Active Listings in San Francisco (3 months rolling) over the past 5 years. It’s pretty dramatic to see how it has continued to drop. I added this with a link so you can hover over the chart to see exact numbers month by month if you’re interested. HERE is the same chart for Glen Park only. Same idea, different scale.
Here is the Months of Supply for Glen Park and San Francisco – crazy low! This is for rolling 3 months through February and if you look at the percentages below, this indicates the change from the same period the previous year.
Months of Supply simply means the time that it would take to fully sell out of the inventory we currently have if it was not backfilled. HERE is a link to look at the graph for Months Supply numbers over the past 5 years if you want a closer look.
I’m beginning to think no one wants to leave San Francisco anymore. Many people are coming back from places they thought might be better (e.g.,Florida, Texas), and AI businesses putting down roots in San Francisco proper are acting like a magnet. Who can blame them–San Francisco really is a one of a kind place that continues to rise like a phoenix from the ashes whenever it’s knocked down.
As for this crazy hot market, yes, it will cool down sometime, but will it drop sharply? I doubt it. If you’re buying, just make sure you don’t bite off more than you can chew for at least 5 years, and find a great agent to represent you because that is key in a competitive market! If you’re planning on selling in the next 5 years, I’d suggest you get started talking to real estate agents to understand your home’s value and the best plan to move forward so you can take advantage of this great seller’s market. If you’re curious what your home might sell for in this kind of market, feel free to reach out. I’m always happy to take a look and share my thoughts. If you’re just staying put – good for you, enjoy this amazing place!
I’d say the most “in-demand” neighborhoods right now are Glen Park, Bernal Heights, Noe Valley, Inner Sunset, the Sunset, and Outer Richmond.
In other real estate related news… Compass and Redfin/Rocket signed a deal to allow Coming Soon listings on the Redfin platform without days on market, pricing history, etc. They say they are still going to comply with Clear Cooperation rules (meaning that if a property is marketed publicly it must be on the MLS within 1 day), but this is really part of a bigger plan to take on the MLS system it seems. We shall see.
Until April…Enjoy this beautiful weather and see how things are shaking out next month.
If you’re ever interested in checking out my more citywide analysis, visit my Market Series page on The Bay Insider.
