2016 ‘Q2 Sea Cliff & Lake Street Corridor Market Report
Hello Friends & Neighbors:
As we leave the first half of 2016 behind, we are experiencing two very different dynamics when looking at the real estate market (in San Francisco as a whole vs. the market in our little northwest corner of the City). Citywide, inventory of single family homes is up at a five-year seasonal high (73% higher versus the same time last year). In Sea Cliff and the Lake Street Corridor, inventory remains very, very low (currently we have five active listings). Based on that, its no surprise that closed transactions are few and far between.
Five home sales for a three month period is pretty low. You also may be wondering why the large drop in price per foot numbers. Almost all of the sales were fixers by any stretch of the imagination.
What more do we read into these five sales? The average days on the market was 15 days. These are all cash transactions and there is huge pent-up demand to buy in Sea Cliff and Lake Street. When properties come on the market with proper preparation, marketing and pricing, they sell quickly. There are still a lot of aggressive cash buyers for our neighborhood.
Here are the top neighborhood sales of the second quarter:
Inventory will pick up after Labor Day, but don’t expect to see any significant uptick through the end of the year. With the demand for our neighborhood, your property is worth more than ever.
That is it for now. If you see a possibility of a life change that entails selling your home, let me know and I can provide you with a pricing analysis and marketing plan to help you with your decision.