This year is off to a SUPER busy start, and we’re here to share some local, in-the-moment insights into what’s going on with the local real estate market.
Typically, when analyzing market data, it’s important to remember that it often reflects sales negotiated several weeks ago, sometimes longer. In today’s fast-paced environment, this can create a significant gap between reported figures and the current reality. But, that’s where you have us to help! 🙂
Right now, the market is shifting, and it’s doing so quickly. This is particularly evident when we pull “comps” (comparable sales to help assess the value of a subject property). Traditionally, we consider data from the past 6 months (up to 12 months), but it’s apparent that that data is already very outdated, which is very important to consider if you’re thinking about buying or selling a home here.
So, instead of peppering you with outdated data here, we’d rather share some recent anecdotes from our day-to-day experience that better paint the picture of what is happening and likely forecast what’s to come (spoiler alert: the market is heating up).
Real World Examples:
Downtown San Francisco is Heating Up: Last year, we had a spacious and stunning downtown condo listed. But, as I’m sure you’ve heard, the downtown market has been really struggling, due mostly to the shift towards remote work. However, we brought it back on the market this year, saw lots of renewed interest, and ultimately got 2 offers, both from people who work in the office locally. We got it sold in 7 days with a cash offer!
Strong Preemptive Offers for the Win: We have another SF condo listing that showcases a similar story: This property was on the market 2 years ago with another agent, and it sat for over 6 months with only 1 low-ball offer. We took over this year with a refreshed look and new marketing strategy, and it paid off! We received – and ultimately accepted – a very strong preemptive offer (above the seller’s expectations). All of this happened before we even officially went live on the market!
Multiple Offers are Back: Finally, we have amazing buyers, looking for a SFH in Oakland. However, when we pull comps on properties that they love and look back at the sales from 2024, we can tell things are already too outdated. Many of those homes sold last year with only 1 or 2 offers, and some even went below asking. However, we’re now seeing properties easily get 5-10 offers, and prices landing 15-20% above list price (and in one incredibly frustrating case 45% more)! This story is similar across all our buyers at the moment regardless of location and price point!
We could go on and on… But, if you’re adamant about diving into the weeds of the data, we certainly don’t want to stop you!
Key Insights:
While historical data provides a foundation, it’s crucial to adapt to real-time observations and trends. Between the return to office mandates and less uncertainty around elections (among other things), we’re seeing increased energy in the local real estate markets. These dynamics emphasize the importance of personalized strategies, tailored to current market conditions and individual buyer / seller goals.
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As always, we’re here to guide you through the real-time insights, specific to your needs. Reach out if you want help navigating this market!
Our Collective Wins
2 beds | 2.5 baths | $2.2M
Sausalito
What seemed simple became complex, but we tackled every challenge to secure this charming Sausalito home in a FAB location, and so close to the water!
3 beds | 3 baths | $3.195M
North Beach, SF
Despite challenges in the downtown SF market, we marketed tirelessly and sealed the deal with two offers and a great price, closing in just 7 days!
4 beds | 3.5 baths | $2.03M
Parkside, SF
Buyers often expect a long process, but we met C in November and she had her keys by January 13th! Her success? Motivation and market savvy. We secured her a beautifully renovated home under appraisal value!
