August 2022 San Francisco Bay Area Housing Report
September 28, 2022
I am pleased to share with you our latest Market Report for the San Francisco Bay Area. The report begins with economic and real estate commentary presented in partnership with the Rosen Consulting Group (RCG). For the statistical report of the regional housing market, we look at the ten counties associated with the SF Bay Area, focusing primarily on detached single-family homes, with added coverage of the significant condominium market in San Francisco. Enjoy the information and insight provided in the report and I look forward to discussing the market with you.
Overall, the economy remains strong. Unemployment is below the national average, and despite a recent slow in sales (due in part to higher mortgage rates), sales are rebounding which, combined with the strength of the economy, are positive indications for housing demand.
Home sales increased 9% over last month, but still remained lower than August 2021. There was an influx of new listings in the first half of the year, and average time on the market is up from two weeks to one month. Sellers are somewhat more cautious with so many homes on the market. Less competition in bidding means, generally, that less homes are being sold at premium price (above asking). The exception is San Francisco where 72% of homes were sold above premium.
Looking ahead, the influx of properties will lead to more sales as buyers have more viable options to choose from. This will create a balanced market, especially for buyers.
Median sale prices were down slightly in August, but overall the trends in the market reflect normal seasonal fluctuations. In short, the near term market indicates a good time for buyers to invest in a home.
Phillipa Criswell is an expert in Marin County real estate. Please contact Phillipa for all your Marin County real estate needs.