San Francisco Real Estate Market Update

The real estate market has been very active even though we are in a health crisis. During Shelter in Place, many people realize that they need a bigger home for their family. Some people need a home office, big yard, bigger family, and exercise room etc. According to the market stats, the average sales price in June 2021 was at $1,798,000 which is the highest of all months. The average sales price in July ($1.793m) and August ($1.772m) were a little slow. I am seeing the slowness because many people went on a summer vacation. Another reason that home prices continue to remain high is not many homes are for sale. According to the graph, the monthly inventory is at the lowest level in August 2021 which is at 3.1 months. The highest level of homes for sale was in October 2020 at 7.8 months of supply. If we continue to have little homes for sale, the home prices would continue to go up. However, I am seeing more homes are hitting the market. If you are thinking of selling a property, now maybe the best time to cash out. Please contact Karen to obtain a San Francisco Real Estate Market Update.