The number of for sale condos/lofts in SoMa declined by 13% this January when compared to the same time last year, reducing the months supply of inventory from 14 months to 5 months - a healthy 65% decrease. The average days on market also decreased 33% from 99 days to 66. This could be a sign of a few more buyers in the market, but more likely that sellers have come to terms with current values – which is exactly what buyers have been waiting for.
Citywide the overall number of homes for sale declined 15% while demand increased 23%. The months supply of inventory fell from 6 months to 3 months, a decrease of 41%. Days on market also decreased 25% from 69 to 52 days.
The overall number of properties going into contract during January is up 29% from 114 units to 147.
What does all of this mean to you? Proceed with caution. While many sellers are more reasonable these days, there are still a fair number of properties for sale which are significantly over priced. Take your time, do your homework and fully understand what’s happening in your neighborhood(s) of interest.
Source: Clarus Market Metrics
Filed under: Buyer Info | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco, South Beach Real Estate
