For those familiar with San Francisco Real Estate, Super Bowl Sunday is about more than just football. The Super Bowl weekend is the unofficial start to the San Francisco Real Estate season. Many of the buyers who were unable to find a deal in December in addition to the buyers that wound up short last year might have been complaining about the lack of housing inventory for the month of January in 2022.
Bay Area residents, in general, are familiar with the limited supply of housing in the Bay, particularly in San Francisco. But, how does this year stack up when compared to 2020 and pre-COVID markets? Well, Socketsite is a great help in this regard, writing about how the 2022 market is already shaping up to an interesting start.
The number of homes on the market in San Francisco, net of all new sales, both pending and closed, ticked up another 10 percent over the past week to 760, representing 65 percent more homes on the market-Socketsite, Feb 7, 2002
As of writing, there are currently 25 homes listed as “Coming Soon” on the San Francisco Association of Realtor’s listing service. So, this weekend will see a bump in inventory along with 20-30 more home added the week after at the very least. While this isn’t an entirely accurate method of predicting market inventory, it points to inventory possibly increasing 5 percent in each of the next two weeks, with a strong possibility of that number being higher given the strong demand.
Our market report indicates the same. Prices look to increase in 2022, even in the face of interest rate increases, due to huge demand. Have a look at the report here.
So, if you’ve been on the fence about selling or buying, it’s time to get off and move. Selling your property now allows you to take advantage of historically low interest rates, which maximize buyers’ asking prices. If you’re looking to buy, starting the process of narrowing down your list of desirable homes is a great idea if you haven’t done so already.
Need a sit down to really dive into what’s going on in the market? Contact one of our agents, and we are more than happy to help you navigate this dynamic and complex market.