The numbers for the San Francisco market show a rebound in units sold and in median price from February to January before. Has the bottom occurred?
The median price for single family homes went from $606,500 to $707,500 which is an increase of 14%. The median condo price went from $660,000 to $792,500, a 12% gain.
The unit sales also show a 19% positive growth with the units in contract also grew by 9%.
The inventory has grown also for the past two months. On February 1 inventory was up 23% over January and it is up another 11% over February numbers putting our market into a definite “Buyers Market” with the SFH absorption rate sitting at 6.44 months and condos at 12.57 months.
With the tax incentives placed in the stimulus package along with interest rates being at historically low levels this is a very good time to buy. Action would seem to be needed now as the price mix is trending up.