The hottest markets typically aren’t found in summer. While not as pronounced as the Thanksgiving-to-New-Year’s slowdown, the summer cool-off is still recognized as a market standard.
But some seem to think that the market is cooling down – in a more significant way than just a seasonal slowdown. It’s important to keep in mind that in a market this strong, it’s not unusual for demand to keep up through the third week of August. According to some listing agents, late July/August is a better time to list than after Labor Day, when new listings surge again and there is more competition. Other agents, though, always wait until September.
Let’s look at the charts. Keep in mind that these are for single-family homes and condos only.
While the number of active listings has been on the demise since the beginning of summer, they are on par with the number available last year at this time. Inventory often drops as the summer progresses, and then turns around after Labor Day, with September usually seeing the most new listings.
New listings coming on the market are down from spring’s burst, but in the last three weeks, new listings have been about 13 percent higher than the same period last year. What’s more, over the past five weeks, new inventory is being grabbed up faster than it’s been coming on the market.
In terms of percentages of listings accepting offers, other than the slight (typical) decline in the Fourth of July week, the percentages have continued to be very high. Two years ago, they ran 6 to 7 percent. Now they’re twice that.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or firstname.lastname@example.org. www.ceceblase.com