October 2022 Housing Update

Newsletter

Your October Housing Update

Between kiddos heading back to school, apple picking, and pumpkin carving, the Fall season is in full swing! Below is my expert download of the housing market, to save you time and keep you informed. Take a pause and enjoy the read over a pumpkin spice latte.

The Bottom Line

We are experiencing an increase in new inventory of homes at every price point in the SF market combined with an uptick in new buyer interest. September experienced a 70% increase of homes available on the market, the first time we've seen an increase in over 6 months! Listings sold continued to decline over the past four months, but are holding steady at pre-covid levels. For the past five months, the percentage of homes selling over asking is declining in SF. Less than half the properties in SF sell for over asking, with 67% of those being houses. Price per square foot has been decreasing since March and prices in SF are at 2018/2019 levels on average.

Often times we hear buyers say that they are "waiting until the market cools off" to purchase a home, well we are here to tell you that the market has officially cooled! Smart buyers will seize this moment to purchase a home. While "waiting it out" may be a viable option for sellers right now, the good news is that if they need to sell, exchange, or trade their property, the home they purchase has likely decreased equally in value as the one they are selling.

As always I am here to answer your real estate questions and help you make the best decisions for you and your family!

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