San Francisco Market Update February 2024

February 19, 2024

I know what you most want to know about it is … the real estate market. Well, the market is a market, affected by outside forces. I have found over the long haul that when times are turbulent, San Franciscans are distracted from real estate and not much happens. Things don’t go down much and they don’t go up and there are few sales. This early 2024 has been like that. We are in a state of “pendency” as I said to SF Business Times the other day. Lots of people want to buy, people want to trade up, which involves both buying and selling, but there is little on the market because everyone is WAITING for something… However, the lack of inventory because potential sellers are doing nothing is resulting in the usual multiple offers on properties that are intelligently priced and of course NO offers on things that are not priced and prepared perfectly. The usual in so many ways, but just at a very quiet level. Want to know what you or a friend or loved one should do? Just reach out anytime – every situation is different. I feel like in the face of the Fed maybe not cutting much or soon, the pendency will be broken by the fact that people are 1) adjusting to interest rates at the current level; and 2) they just want to get on with their lives and live where they want to live. We have many things in common, but one of the most fundamental is that we all need a place to live.

Recent stats below …