San Francisco’s unparalleled natural beauty and world-class amenities make it one of the country’s hottest real estate markets. This renowned California region is known for attracting luxury buyers and sellers from all over the world who are eager to explore the exciting city.
However, taking a look at the current market trends is always a wise idea when planning your next big step. After a thorough analysis of San Francisco’s real estate climate, we’ve created a guide to navigating this coveted market.
Let’s look at what trends we’re expecting to see in San Francisco’s market throughout 2019.
Entering the New Year as a Seller’s Market
San Francisco’s real estate market is flourishing right now, and it doesn’t seem like that will be changing anytime soon. The upward growth observed in the region seems unending, and sellers are reaping the benefits.
September is always a busy period for San Francisco real estate, and last year kept along that same track. The average luxury property was only on the market for 21 days--in many cases even less.
High-end homes are selling fast, and--since properties get picked up so quickly--the balance of supply and demand favors the seller’s position. The ebb and flow of active listings available in an area constantly fluctuate, and the past few years have seen a characteristically low threshold due to the fast-paced purchasing of San Francisco properties.
Homeowners interested in selling their homes should consider taking action in order to take advantage of this exclusive market.
Luxury Properties in Especially High Demand
Luxury properties in San Francisco are considered a hot commodity in the global marketplace, so it continues to attract a massive wave of buyers. As the area continues to develop, this trend is sure to increase and intensify.
Even though there are plenty of luxury properties available within San Francisco at any given time, it still doesn’t keep up with the extreme demand.
These sales are also incredibly profitable. California’s most prevalent metros are seeing the biggest booms in profits. Luxury properties are selling for considerably more than the listing price, and experts are saying that we’re reaching price peaks.
California’s Sustained Economic Growth
With California entering its 7th year of economic expansion, the statewide per capita income rose by an astounding 4.6% during 2017’s final quarter. Employee wages are at the highest points compared to previous years--on average making $10,000 more per year compared to 2007. This is due largely in part to some of the biggest global tech companies having headquarters in the Bay Area.
This means buyers also have the finances to substantiate their San Francisco luxury homes, and the stats are showing they’re eager to invest in these gorgeous high-end properties.