San Francisco Real Estate: Escrow Out Loud
#49: "Woo Woo" The July 2018 Market Update
This week on Escrow Out Loud, our San Francisco Real Estate podcast, we chat about what has been happening in San Francisco real estate during the month of July.
[00:21] We start by talking about the typical summer dip in real estate inventory for San Francisco as sellers wait out the summer fog and buyers seek warmer weather and cooler markets. Real Estate blogs typically share bleak outlooks, and is that what is really going on out there and what has been our personal experience during this time?
[04:34] What do the market stats for July mean then? Trend or blip? While the San Francisco real estate market can turn on a dime, it doesn’t feel like that is what’s happening. Interest rates have not gone up enough to drive off buyers, so the slow down really seems like our typical summer slowdown. Also, meet the woo woo.
[05:38] What does appear unchanged in SF is that property prices are as unaffordable as ever. The median price for a single-family house in SF is approaching 1.7 million; there are still condos and houses in certain areas that go for far less than 1.6 million but all homes are now expensive. We repeat what have been saying for a while now, we need more housing!
[07:41] Is this the new normal? Could San Francisco infrastructure support a large influx of people? Some folks feel there is a valid argument that says, even if we build more housing, the city can’t absorb any more people without improvements to transit and other systems.
[11:13] And... back to July market stats! To wrap up, the month supply of inventory is still very tight, under two months, for both condos and single families. Luckily, in September and October we experience the second of our yearly bumps in inventory that may ease some of that pressure.
Thank you for joining us for this week’s episode. We hope you enjoyed tuning in and join us again next week!