Sales were robust in Q1 for all property types, but the supply of house listings in particular was very low. However, as of March 31st, mortgage interest rates have skyrocketed 50% in 2022, with a particularly large jump in March.
So far in 2022, Bay Area real estate markets appear largely unfazed by higher interest rates, volatility in financial markets, and troubling international events. The prevailing dynamic remains one of strong buyer demand competing for an inadequate inventory of listings for sale.
2022 Begins with Mixed Economic Indicators. 2021 was one of the most frenzied real estate markets ever, with buyer demand far exceeding the supply of listings available to buy – and all the usual indicators, including home price appreciation trends, reflected this severe imbalance.
Most CA REALTORS noticed at least one of the following changes in buyer preferences since the pandemic: Opting for bigger home (22%); less concerned about commute (22%); buying house instead of condo/townhome (21%); opting for suburban instead of city location (19%); choosing rural instead of urban or suburban location (13%)
November and December typically see very significant seasonal slowdowns in market activity.
As the year begins to wind down and move into the mid-winter holidays, the market typically slows down as well: The number of new listings declines, to finally plunge in December, with sales volume following one step behind.
After cooling and slowing in summer from its peak during the super-heated spring selling season – Q2 to Q3 cooling is a typical seasonal trend – the early autumn rebound began with a surge of new listings in September. A rush of autumn sales commonly ensues, before the market slows way down for the mid0wider holidays.
San Francisco Real Estate Market Report - September 2021 Major Market Factors since Spring 2020 Abnormally high household movement occurred due to pandemic-related, population-density reasons, housing and living costs, family and [...]
The first half of the 2021 San Francisco housing market came roaring back from the pandemic with $6.7 billion dollars in home sales - 49% above the previous peak in 2018. Overbidding is back in vogue with homebuyers typically paying 117% of list price (a 3-year high), and condo buyers spending 104% above list (in-line with pre-pandemic pricing).
San Francisco condo sales by month have hit an all time high. Condos in neighborhoods like Noe, Glen Park, Pacific Heights, and the Marina are all commanding about $1,250 per square foot.
