Weekly charts help to lay out the recent changes in the San Francisco city market. I suspect many of these trends are just starting to emerge given that real estate markets often lag the public markets, and that real estate in the Bay Area is tied to the NASDAQ historically.
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Trend 1: Housing price growth still there
We are still seeing house price growth in the San Francisco area from recent purchases. There is resilience in the market and that means demand is holding up well, even with supply being pulled from the market.
Trend 2: Spring is almost here – let’s see what happens
Historically spring is a strong buying season in the Bay Area. You can see in the chart below the pattern that we have seen in the last two years. The next few weeks will be important for us to see how the trend line grows. Right now, the market appears to be in a stagnation mode – which can be good for buyers who are actively looking.
Trend 3: Supply dropping dramatically
We are seeing a steep drop in supply as new listings have fallen. At the same time, we often see this drop in Q1 of each year. The next few weeks will be key to helping us understand the real estate effects of coronavirus and the drop off of supply. This will dictate price changes.