Bernal Heights market trends: October 2008 vs. October 2009. What a difference a year makes!
So I’ve been shopping in Bernal Heights for the last few weeks with a new client. I like to get a sense of market trends and rely on Terradatum (now offered at no cost by both my S.F. and Peninsula Realtor associations!!) for neighborhood & property specific market data; what are the trends including days on market, properties going into contract, inventory levels, new properties hitting the market & of course pricing trends. Data that Terradatum provides in an easy to interpret chart format which I then share with clients to help in their decision making process.
Wow!! As the chart above shows, there are lots more buyers out there now as compared to 2008. Properties going into contract are up 138%!
As for inventory levels in Bernal, volume is way down by 62%. A balanced market is considered 6 months of inventory; more than 6 months indicates a buyer’s market; less then 6 months indicates a sellers market. Fewer listings hitting the market & increased buyer volume=less inventory. Does this mean we have the crazy days of the early 2000′s? Nope! It’s definitely a mixed-bag out there.
Well priced properties that show well can bring in multiple offers; then there are the lingering properties, on market for 30+ days indicating it’s time for a price reduction. Financing is our biggest challenge and buyers, understandably aren’t willing to overpay for a property. The heat is on for the Grade A properties and for the rest, buyers are thoughtfully reflective, not willing to rush in unless they feel it’s the “perfect” property for them.
Based on the chart of expired listings, it looks like sellers and/or agents are being more realistic with pricing when compared to 2008 since expireds are down 57%.
Days on market is indicating that buyers are taking their time in making a move. One does need to evaluate if numbers are skewed by those few die hard sellers who are still stuck in the heyday market that is no longer there, who have an overpriced property & therefore long days on market.
Each chart can be downloaded by clicking on the chart or if you’d like more detailed market data for Bernal or your specific neighborhood, shoot me an email. I’m happy to provide data for your area.
This is just a snapshot of 8-10 charts of market specific data that Terradatum provides, pulling data from the MLS. Data in this post is just for single family homes.