The Great Inventory Shortage!

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For the past month, more than half of the announced sales have at the Zephyr office meeting have sold with multiple offers over asking. Some have sold near their asking price.  Some have sold for $50,000 over.  Or $150,000 over.  One for $400,000 over its $2.3 million asking price. What is happening here?  Simple.  Really high demand from buyers and a low level of inventory. The graphic depicts the months supply of inventory for residential properties in the city of San Francisco.  Currently, there is a lack of inventory that we haven't seen in years.  And interestingly enough, this data includes the homes in our market that are still on the market and are not selling--the ones that are over-priced are sitting on the market until the price is reduced to an appropriate level. 

With the new quarter's statistics coming out it is becoming more and more clear that it's currently a great time to be a seller and a once-again-more-challenging time to be looking for property to purchase.  Over the past year the average days on market for single family homes, condos and TICs has gone from about 70 days all the way up to 100 days around the holidays and now has come way, way down to an average of just over one month on the market.  Most properties are selling FAST!  Sellers may want to prepare themselves for a quick sales cycle.  And Buyers should have all their purchasing power duckies lined up in a super tight row, ready to pounce on the right property before it's scooped up by someone else.