While there was a substantial change in the trajectory of the real estate market after the middle of March because of the stay-in-place order that was enforced, there were still some hopeful statistics to be found. Here are some of the numbers relative to the whole month:
Inventory of properties for sale as of April 4th 2020 =
474 Single family: 126
2-4 units: 69
5+ units: 18
Properties pending as of April 4th = 248
Current months’ worth of inventory= 1
New listings since March 1st= 168
Of the 10 listed and sold in March:
6 listed and sold the same day
3 sold a few days after being listed
1 sold 28 days after being listed
Average sales price in March for a Single-Family home: $2,098,441 (an increase of $197,048 over February)
Average days on the market= 20
All properties sold in SF in March= 409 (an increase of 101 over February)
Out of the 156 Single Family Houses sold in March:
23 sold below asking price
10 for asking price
123 above asking price
How crazy is this market? Here’s an example:
A 2/1 Single Family home near Dolores Park (1143 sq.ft.) sold in March for $3,000,000 which was $1,405,000 over asking!
Whatever April holds for the market is anyone’s guess, however, it appears that the right home listed for the right price will still sell and sell fast. Video tours are the way to go for buyers and sellers these days, and they appear to be working.
So, if you were in the market to buy/invest in real estate or want to be – now can be a good time to get back active in your search!
Don’t hesitate to reach out to us at Sun Pacific Mortgage for any alternative financing needs…we’re here to help our community after 3 decades in business, we aren’t shutting our doors with people are in need. Reach us through our website or by phone at 707-523-2099.
Best, Forest – The Guy in the White Hat
Hard Money Broker and Co-Owner of family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! 707-523-2099 www.sunpacificmortgage.com.
CA DRE license #010005559 and NMLS #289456
Note: Get our financing despite bad credit, difficult to prove income, property a fixer, etc.! We finance Jumbo loans, Bridge and short-term loans, Owner Occupied purchases and refinances, investment purchases and commercial.