After Initial Plunge, San Francisco Sees Uptick in Real Estate Market
April 30, 2020 Source: Mansion Global
Activity has been ticking up across San Francisco’s real estate market following an initial plunge, when the city locked down in mid-March, according to a report Tuesday from Compass.
San Francisco was the first U.S. city to lockdown in response to the coronavirus pandemic on March 17. On Monday, it was announced that the shelter-in-place order would be extended through the end of May.
The city has 1,424 confirmed cases of coronavirus and 23 people have died, according to Johns Hopkins University's coronavirus resource center. Nationwide, the number of people tested positive for the virus has now surpassed 1 million and 57,608 people have died.
“After the initial, terrible shock to the market, agents, buyers and sellers have been slowly figuring out how and when listings can still be safely seen by buyers; offers made, reviewed and accepted; and all the typical escrow requirements—inspections, appraisals, closing—can proceed,” Patrick Carlisle, chief market analyst for the San Francisco Bay Area at Compass, wrote in the report.
The number of new listings coming to the market, the total number of listings on the market and the number of homes accepting offers all ticked up through the week ending Monday, compared to the recent lows hit in March.
Completed home sales, meanwhile, have remained essentially flat for the last three weeks.
Spring is typically the busiest selling season of the year, Compass said. But activity levels have been more typical of what would be expected in mid-winter, according to the data.