With fall in the air and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity remains strong, with low mortgage rates and a strong economy. As we move into the final two months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
New Listings were down 23.7 percent for single family homes but increased 0.2 percent for Condo/TIC/Coop properties. Pending Sales increased 2.1 percent for single family homes and 2.7 percent for Condo/TIC/Coop properties. The Median Sales Price was up 3.3 percent to $1,550,000 for single family homes and 14.8 percent to $1,320,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 18.8 percent for single family units but was up 6.1 percent for Condo/TIC/Coop units.
In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear.
Locally, now is a pivotal moment for real estate. With interest rates so low and less competition it could very well be the perfect moment to strike for some Bay Area residents. If you are on the fence about making a move get in touch with Lisa so she can help you make an informed decision whether or not now is right for you. Or you can find her at her Open House tomorrow (Saturday) 2 PM-4 PM at 1515 Noe Street. Feel free to get in touch with Lisa with any questions you may have: 415-867-5358