As we close on the halfway point for 2013, San Francisco continues to be one of the fastest moving real estate markets in the nation.  The strong local economy and low interest rates have been impressive drivers of growth, and constricted inventory has intensified the market.  Here are some highlights from the most recent SFAR Market Focus Report:
  • The year to date median sales price is up 29% for single family homes and 24% for condos
  • The month’s supply of inventory is down substantially – 23% for SFH and 36% for condos
  • Days on market are also way down – 36% for SFH and 41% for condos
This all translates into well price properties moving fast. Buyers need to be prepared and ready to move quickly in this market, and yes, cash is still king, but for buyers who need loans, there are ways of competing as well.The recent rise in interest rates (about 50 basis points) and the beginning of summer may have a slight cooling effect for the June numbers, but the market shows no signs of slowing down at the present.
For the full report, just click on the link below.