I’ll cut to the chase: Sellers are catching price reduction fever these days in San Francisco.
We have some price corrections to deal with in all our neighborhoods. Of the 627 houses on the market, a whopping 498 of them have had some sort of status change in the MLS over the past month—mostly price reductions.
And in some cases, I’m seeing substantial reductions. Over in the Richmond, for example, one 4BR home on 17th Avenue started out at $1,825,000 and is now down to a $1,595,000 list price. And its 3BR neighbor on 6th Avenue hit the market at $1,295,000 and is now listed at $900,000.
The condo market is more vulnerable; of the 779 units listed in the MLS, 653 of them have had status changes over the past month. There are also some dramatic reductions, and the condos have been on the market generally longer than the houses.
Price reductions are an important factor for buyers and sellers, and they can’t be ignored when it comes time to list your house or make an offer on one.