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March 30, 2020

SIP SF Market Moves, Luxury Buyers MIA

Residential properties have been going into contract in limited numbers since San Francisco’s shelter-in-place (SIP) order took effect on March 17th.

Just over 100 single-family homes, condos, TICs and two- to four-unit buildings have earned the “active contingent” or “pending” status in the MLS—actually quite impressive, given the virus outbreak and its far-reaching economic effects.

But high-end buyers are nowhere to be found. Though there is a newly contingent four-unit income property in Bernal Heights listed for $3,250,000, all the other properties top out in the $2.5M list price range.

Buyers are still writing aggressive offers over the list price. Sales over the past week within my company, Corcoran Global Living, indicated multiple offers at well over asking. Buyers also wrote many non-contingent offers. And again, list prices topped out at $1,595,000, with a cluster of homes listed for under $1,000,000.

It’s too soon to tell where our market is going, but these stats point to a demand for homes under $2.5M. That’s good news for any homeowners who are aiming to sell in that price range this year.

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