It’s Tuesday, which means that as soon as I finish writing this post, I’ll be out the door and touring homes for the rest of the day. From the north end to the south side I’ll be hoofing it all over the city in the hybrid, all so you don’t have to see the ugly ones on Sunday!
I’ve been using TheoTour as a beta-tester for the past several months, and one of my favorite features is the at-a-glance snapshot of market inventory. As you can see, while we are far from the October 2011 fall peak of 300 new listings, new listings have taken a substantial tick upward from the beginning of the year. Our first real estate buying/selling season begins in earnest in February (tomorrow!), running through June (roughly). Then things will momentarily pause for the fog in July and August, and pick up again in September and October before they quiet down for the holidays in November and December.
Today the are 136 new listings on tour today, up from less than 50 at the beginning of January.
With interest rates at historic lows and improved consumer confidence, my prediction for San Francisco real estate in 2012 is that it will be a very good year, with an increase in volume and a slight increase in prices.
We are also beginning to come to the end of our new construction inventory, with only one new condo building opening this year (The Madrone). Given the uptick in buyer interest, I’m willing to predict that buildings like One Hawthorne, The Millennium, Blu, and One Rincon will sell out their remaining inventory in 2012.
Am I crazy?Â RidiculouslyÂ optimistic? Professionally informed? Talk amongst yourselves in the comments, I’d love to hear your thoughts about the San Francisco real estate market in 2012!