Hi friends,
It's the Wild West in SF real estate!
Buyer demand is back with a vengeance, and the Gold Rush for bargain-priced condos has all but ended.
More condos were sold in April and May than in any 2-month period in over 10 years. By last month, the 2020 motherlode of condo supply had dwindled to a third of its pandemic-driven peak.
While condos have seen a major shift, what's really wild is happening in the single-family market.
Since March, San Francisco single-family homes have sold in a median of just 10 days on the market. That's three consecutive months at the quickest rate of sale on record, since at least 2005.
(See my latest video update for thoughts on why this is happening.)
Single-family homebuyers may get some relief as more listings hit the market in the fall. For sellers, the summer could prove an attractive entry point to beat the crowd.
Like the Wild West, this market frenzy won't last forever. The pendulum will swing back to more familiar levels, just as it rocketed out of its pandemic slump.
In the meantime, it's more valuable than ever to have an agent on your side with deep industry connections and strong negotiation skills to get you the results you want.
As always, please don't hesitate to reach out with any real estate-related questions. We are very happy (and grateful!) to help you and anyone you send our way!
Warmly,
Also featured in our newsletter:
The Guardian: San Francisco may be first major US city to hit herd immunity, experts say
The Washington Post: Amazon is about to share your Internet connection with neighbors. Here’s how to turn it off.
The Atlantic: The Psychological Benefits of Commuting to Work
Realtor.com: San Francisco Condos Rebound as Covid’s Effects on the Market Dwindle
And our June 2021 Market Update for San Francisco Real Estate
Sign up for the Danielle Lazier Real Estate newsletter for an info-packed update on San Francisco real estate, local insights and more, delivered twice a month to your inbox.
PS: We hate spam and love privacy as much as you do. We will never sell or share your information — period.
