San Francisco Real Estate Market for January 2021
The housing market in San Francisco seems to be heating up much quicker than is typical for the beginning of the year. New listings jumped in January to about 550, however, the total number of listings declined from last month while remaining well above normal for the first month of the year.
Sales were up 60% and peaked for the year in December, an historical first for December. January sales soared 67% above last January- a tremendous increase. Year-over-year, single family residence median sales prices are up a little.
Of all the Bay Area counties, San Francisco was most negatively affected in the early months of the pandemic. Inventory soared and sales plunged, but by the second half of the year, buyers were rushing back into the market.
The City has always been an overly complex market, varying by neighborhood, property type and price segment. Among the many factors affecting home values: quality of location within the market area, architectural style and curb appeal, square footage, condition, views, amenities, extra rooms, parking, decks and yards, privacy, and lot size.
Despite the migration from urban areas in California to more suburban cities during the stay-in-place mandate, San Francisco does not seem to have faired poorly. There are still many who will happily remain in The City by The Bay and continue to build their wealth through real estate investing.
If you need fast financing to secure your offer, call Sun Pacific Mortgage at 707-523-2099. We have been known to close mortgages in a week. Our private funding can be for a period of a year or more, maybe just enough time to get you to a better financial position so you can qualify for a conventional loan.