Hi friends,
Are we "back to normal" yet?
Last week, I was quoted in a story by Mission Local about "young and hungry" tech minds moving to (or back to) San Francisco. Yesterday's New York Times reported the same.
The bright-eyed entrepreneurs are a familiar sight, another sign of our return to normalcy along with dinner dates, open houses and rising rents.
Or maybe not a return, but a new normal. Lots changed in the past year, and some of it ain't coming back.
The 2021 real estate market is a different beast from pre-pandemic 2019, or any year really. We've seen the highest ever sales numbers for condos at large, luxury condos ($2M+) and luxury homes ($3M+) in every month since March.
It's safe to imagine that single-family home records would be broken too, if more were up for sale. (They're not.)
While the cost of building materials is falling, there are more important factors at play, like regulations and limited space in our 7x7-mile city. This supply-driven market, or lack thereof, looks here to stay... for now.
Things change and change again. Sometimes in an instant (see: 2020). Sometimes over decades.
Case in point is this great SFGATE piece on "the changing neighborhood names of San Francisco."
It's a cool bit of perspective on San Francisco history, and it begs the question: what is normal anyways in a city where change and (re)invention have been deeply ingrained from the start?
For us, normal means working with the market we've got, helping homebuyers and sellers to reach their best outcome without leaving money on the table. That much hasn't changed.
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:
SFGATE: The changing neighborhood names of San Francisco
Mission Local: Older tech workers may be leaving San Francisco, but the young and hungry — including those with startup dreams — are moving in
SFGATE: California exodus is just a myth, massive UC research project finds
New York Times: Tech Workers Who Swore Off the Bay Area Are Coming Back
And from our blog, the San Francisco Real Estate Market Update for July 2021
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