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San Francisco Luxury Real Estate Market Increased Inventory Could Mean a Drop in Prices
The San Francisco luxury real estate market is seeing an increase in inventory. Could this mean a drop in prices?
According to a recent article in SFGate (1), inventory for San Francisco homes on the market, especially in the luxury homes market, have gone up substantially from a year ago. In all of San Francisco, housing inventory has gone up 52 percent from a year ago, and in the luxury Pacific Heights neighborhood, inventory has gone up 100 percent.
Normally when inventory goes up, prices come down, but many sellers are instead choosing to wait for the right buyer, or take their home off the market instead of selling at a lower price. There are fewer luxury home buyers on the market right now, who are usually tech executives and foreign buyers, as they expect a price correction to come soon and are choosing to wait and see when sellers who are motivated to sell, start lowering their asking prices. One example of a price decrease is a home in the Marina district, which was originally listed for over $3 million, and the owners decided to drop the price to $2,785,000.
Other markets seeing a substantial increase in inventory include South Beach with an increase of 130 percent, and the San Francisco condo market inventory up by over 140 percent. Still, according to the article, sellers are less willing to drop the prices to match the higher inventory and lower demand.
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As for the rest of the market, according to a California Association of Realtors article (2), inventory for non-luxury single family homes is still tight and expected to remain so. One reason for the lower inventory is because many single family homes were converted to rentals.
About Anian Tunney
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Anian Tunney is an agent broker with The Grubb Company. According to statistics collected by East Bay Regional Data, Inc., she was the 2014 number one real estate agent in Piedmont, CA for the number of units sold and sales volume. In 2014 she was The Grubb Company company-wide top producer. Additionally, Tunney has been number 1 in yearly real estate sales for The Grubb Company’s Piedmont office for the last 8 years. Anian was also ranked 129th in the Nation by REAL Trends the Thousand in July 2015. She is known for her knowledge, experience, and network in the Piedmont community; qualities which are invaluable for finding that special home or buyers for her clients.
A fifth generation Piedmont resident, Tunney has been with the Grubb Company for over 30 years. She raised her family of four in Piedmont and is active in community projects such as the Piedmont Beautification Foundation, the East Bay Museum Auxiliary, and the Piedmont school district. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making Piedmont Realty truly a family vocation. Tunney negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.
Contact Information
Anian Tunney
The Grubb Company Real Estate Brokers
Oakland, CA 94611
510-339-0400 ext 217
tunney(at)grubbco(dot)com
aniantunney.com
aniantunney.com/blog