San Francisco, CA
Price per Square Foot in San Francisco Keeps Dropping
With a pronounced drop in gross sales and leap in reductions, the record value per sq. foot of the properties that are in contract throughout San Francisco, which is main indicator, has dropped over 10 p.c since Might and has simply slipped underneath $900 per sq. foot for the primary time because the fourth quarter of 2019, previous to the pandemic having hit.
On the similar, the variety of properties in the marketplace is over 40 p.c increased than on the similar time final yr, with almost 80 p.c extra single-family properties and over 80 p.c extra stock than on the finish of 2019.
Anticipate an extra drop in pricing by means of the tip of the yr together with a rash of unsold properties being withdrawn from the MLS earlier than returning anew within the spring, none of which ought to catch any plugged-in readers unexpectedly. We’ll maintain you posted and plugged-in.