Zephyr has launched a monthly feature that will include market snapshot videos for San Francisco, as well as for almost all of the neighborhood MLS subdistricts in San Francisco. Above is the June 2012 real estate market statistics video for all of San Francisco. While there are a lot of ways to talk about the current market, I think this video does a great job at capturing the trends we are all feeling.
When compared to June of 2011, the number of active listings in the San Francisco real estate market was down 59%. Which is not just a little bit down, but down an incredible amount. If you are looking for more real estate market statistics to say that inventory is low, here it is for you!
If we look at month over month inventory, the June 2012 market inventory was down 18% from the month of May, when it was already low – so we still aren’t seeing sellers jump into the market like one might expect. There are a variety of theories about this – and while I have mine – I’d love to hear your real estate market statistics thoughts in the comments.
The June 2012 median listing price for a home in San Francisco was 799k, which was $200,000 higher than a year ago, when it was 599k.
Year over year, Days on Market (DOM) was down 15% – you might think it would be more with inventory moving so quickly, but the way the San Francisco MLS calculates days on market, it includes the days after a contract has been accepted but before all contingencies have been lifted – and since an escrow is an escrow is an escrow and banks move as quickly as they want, there are “Days on Market” in the SF statistic that include days that the property isn’t really available… that was probably clear as mud, but what I’m trying to say is that since financing and inspections can only be done so quickly, and those days contribute to our DOM statistic, if we took those out, the decrease in DOM would be even greater…
What are your thoughts?