What Happened With San Francisco and the Peninsula Real Estate?
According to one of the recent reports on the real estate market in San Francisco, the average sale price in September for a single-family home was $2,091,655, an increase of $251,312 over August. The average days on the market was 28. The inventory of properties for sale in San Francisco as of October 5, 2019 was 1174. This number included 317 single-family, 666 condos, and the balance multi-unit properties.
There was a total of 354 properties sold in September and an inventory of 3 months remaining. This figure represents a strong Seller’s market, which has been the reality for many months. Of the 317 homes sold in September, 25 homes sold below asking price, 6 homes sold for asking price, and 91 homes sold for over asking price.
On the Peninsula, the average days on the market ranged from 14-33 days, with San Carlos at 14 days and Menlo Park at 33 days. In every city the September sales price exceeded the asking sales price for 1%-5%. Foster City, Belmont and Burlingame sold for 1% over asking and San Carlos sold for 5% over asking.
The market continues to look strong despite the daily “gloom-and-doom” messages we receive regarding the economy’s future. The indicators of a resilient real estate market should encourage sellers and buyers to pursue their investments with the confidence since at least this segment of the economy seems to be holding steady.
If you are looking for financing for your real estate investments, give Sun Pacific Mortgage a call at 707-523-2099 to discuss your situation. For more than 3 decades we have given hope to many who could not quite qualify for conventional loans, providing alternative financing with our Hard Money loan programs.