The East Coast may be reporting strong growth at the start of 2023, but along with other West Coast tech hubs, San Francisco’s housing market is struggling. Median home sales in the Bay Area were down 14.5% in February, and the previous months saw the largest year-over-year median price declines in the city since 2008-2009, according to SFGate.
Not only is uncertainty in the tech sector leading to weaker homebuying demand, but a lack of for-sale inventory is creating additional hurdles for prospective buyers.
Plus, this is the lowest inventory [Sarah] Marcus said she’s seen in the 10 years she’s been an agent in the Bay Area. She said she typically sells around 30 homes each year, but she’s not on pace to do that in 2023. “For me personally, it's the lightest load I’ve had in years. I'm down 50% from last year,” Marcus said.
With so many additional variables, buyers are more uncertain than they’ve been in decades. “They’re nervous because of the lack of choices,” [Dana] Green said. “Or if interest rates are changing, they’re nervous about that.”
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