As we mentioned here last month, 2018 was probably the start of the leveling off of the very frothy San Francisco housing market.
Indeed, January continued the trend downwards in median sales price for both single family homes and condos, dropping to $1,483,333 and $1,183,333, respectively.
There were across the board signs of the market cooling. Months supply of inventory rose for both single family homes and condos.
Days-on-market rose as well for both property types. For single family homes, days-on-market is the highest it’s been in 5 years.
Because inventory remains critically low, it is still a sellers market. Expect 2019 to remain highly competitive for buyers, but with fewer multiple offers and less exuberant overbid levels.
And, expect to see more “transparent pricing” on listings rather than very low prices with the expectation of multiple offers to bid sales prices up.