I hope you’re all keeping safe and well. For some months now I’ve been talking about a correction in the San Francisco property market as the pandemic takes its toll. Well – according to the data – what we’re now seeing is not a blip but a pattern of behaviour that will have significant impact on the property market here.
The data points show that Francisco property – both Single Family Homes and Condos – are sitting on the market for longer and sales prices are slowly trending downwards. Interestingly, the absolute reverse is happening in Marin (Let me know if you’d like to see the data for Marin and I’ll send it to you). Simply put, San Francisco is a buyer’s market and Marin a seller’s market. It’s my belief that this trend has some way to go as the full effects of the pandemic are yet to be realised. The big factor here is how people’s working habits have changed, irreversibly in my opinion, and many have re-evaluated where and how they want to live. The market is only now showing signs of this big change and we are also only seeing the beginning of the impact of property prices in San Francisco and elsewhere in the Bay Area.
For further information or to talk about your property needs and wants feel free to get in touch on 415 515 0816 or email me at [email protected] I’d love to hear from you!!