San Francisco, Iraq, America discussed on San Francisco Real Estate: Escrow Out Loud
Meant fuller today is Friday April 17th. We talked about five weeks of filter in place here in San Francisco. So I took the time to pull some data from the San Francisco multiple listing service about how the market is performing all of those districts. I'm about to quote are from a San Francisco MLS unless otherwise noted and all over numbers. We are talking about are for residential property type switch for our definition will be single family residences condos Tendencies and comments go up units and to the four-unit buildings wage are in the city of County of San Francisco and listed in the San Francisco MLS, which is the primary MLS servings area. But before we go up into the stats a little background off the services here real estate market is seasonal Although. Our season is slightly different from the rest of America in San Francisco holidays fog and Rain Drive our preferred real estate marketing window. A year calendar year starts quietly pretty typically and doesn't really pick up until around the time everyone agrees. The rains are going to stop typically in that job February to March window there first season Pizza in June and then you see new listings down dramatically in July and August and that's actually grown by the fog on the west side of town on the north side of town September October typically bring up some of our best weather here in San Francisco. So it's actually our heaviest Listing season of the year. Every associate Genesis down there as we get closer to Thanksgiving the market quiets down and stays quiet through the winter holidays until the Rings if they arrive our forecast to recede for yet another year off all of which are saying this is typically a busy time of year. So I looked at five different measures of Market activity and compared them with the same time. As March 14th birth. April 17th for the years 2018-2019 and obviously this year twenty-twenty. The first major I looked at is the number of properties that came to Market which is what major buy properties that were an active status between the states and 2018-19. We averaged about eight hundred new listings coming to the market this year. We have the 70% decrease as you might expect which translates into 254 more homes coming to Market obviously sellers are withdrawing or not coming to Market as you may expect, you know, we'll see in a moment is just not coming to Market. So next let's take a look at the number of homes that went into contract where an agreement was reached either with or without contingencies and in 2018. That was 237 homes during this time period in 2019, it was down to a hundred seventy and this year it is down to a stunning birth. 36 which is a year-over-year decrease of 85% In other words, very few deals are coming together. In 2018 nineteen about 625 home sales closed during our current lockdown. While so far this year in the same time. Not here today, but just this month. Of code lock down we had 318 sales close, which is about a 50% decrease and close sales. Usually reflect deals that started two to four weeks earlier in San Francisco. If we look at the two sale sale statuses expiry cancel. There's a huge percentage increase that the numbers are all small to begin with Iraq in 2018. Nineteen. We average only about eleven fail sales status as during this time. In this year. It's a whopping two hundred percent, but that's only 223 home. So most listing Agreements are being canceled or reported as canceled that leaves our final status temporary withdrawn also often called hold off. Are also known as temporarily off MLS or off Market in 2018. Nineteen this time. Averaged About eighty-five Properties in the status of this year. It is up a wiping incredible 450% to 446 homes in the templates drawn status during the covid-19 lockdown. Many of these homes are and templates drawn status continued to be marketed off-mls and informally through agent networks, but the template strong rmls is not a publicly-available status. So you won't see these properties on brokerage websites or real estate portals having to this court oversight snaps the status is off generally up to them some just like the listing others assume withdrawn and guess that it's a variety out there, but the opportunity is if you saw something earlier you liked in the year on log. And it may still be available with less competition since it is not being MLS marketed during this time frame. That's a look at the market during covid-19 shelter-in-place here in San Francisco to summarize Universe things are down 70% deals coming together down 85% deals that actually closed down 50% wage sales up 200% but it's just a small twenty-three and the number of homes temporarily withdrawn from MLS.