Over the last twelve months, the median sale price of residential properties in San Francisco has risen by 19 percent (not a news flash), and that could be seen as an indicator of even greater increases.
Except that over the same period, the median asking price of new listings – commonly known as the list price – has increased by 29.5 percent!
It seems that sellers are already testing the upper limits of the market by setting list prices far above the actual sale prices of comparable properties.
Why Does This Matter?
In the past, this trend has led to a decrease in demand and activity, and a leveling off of sale prices. We can’t really know if this is the start of equilibrium in the market. History does tell us that as these particular numbers increase, buyers will be the ones sitting on the sidelines.
At the same time, the number of listings has decreased by 40 percent (yes, 40 percent!) – hard to be a buyer in a market where there’s not much to buy.
If you’ve been thinking of selling, now may be the time.
San Francisco on Top with Livability, Eco Honors & Market Stats
This fall, our fair city earned two outstanding commendations:
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National Recognition:San Francisco was named America’s Best City in Bloomberg Businessweek.com’s 2012 Best Places to Live ranking.The study looked at everything from park acreage to cultural institutions, crime, transportation, and air quality. Our citizens’ high level of education along with the recent technology-driven economic turnaround helped us beat out Seattle, New York, and Los Angeles.
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Environmental Leadership:We hit another milestone on our journey to become a Zero Waste city. Thanks to our partnership with Recology, we’ve achieved 80 percent landfill waste diversion, making us the Greenest City in North America with a perfect score in the Resource Recovery and Recycling category on the
2011 Siemens Green City Index.
According to the U.S. Environmental Protection Agency, recycling benefits the economy by creating up to 10 times more jobs than sending garbage straight to the landfill.
If all cities in the U.S. recycled and composted like San Francisco, it would create an estimated 2.3 million jobs.
