We've all seen the headlines in the press lately — People are leaving San Francisco in droves. We can confirm that we have seen more homes come on the market in recent weeks than we typically do during this period in San Francisco. This only tells part of the story, though. While inventory remains high, the good news is that we are also seeing more San Francisco properties going into contract. In fact, sales during the last four weeks are up 64% as compared to the same period last year.
What we anticipated in the market is now happening. Sellers could not or did not want to bring their property on the market at the beginning of the shelter-in-place order, but have adjusted to the new normal and are back to selling. Buyers who have held off buying have now decided they are ready to upgrade their current living situations.
As expected, buyers have shifter their focus away from San Francisco's downtown to areas with access to more outdoors space. Commutes are also less of a concern now that working from home has become a new reality.
While there is some truth to the headlines and some San Francsico transplants are returning home, our real estate market continues to set records and is nowhere near the ghost town that some are making it out to be.