Comparing this past August to August of 2010, SF had 25% fewer homes for sale – over 500 fewer MLS listings – but 28% more listings accepting offers. The percentage of listings accepting offers jumped from 14% last year to over 22% in August 2011, as high a percentage as we’ve seen in years.
Too few homes for sale, historically low interest rates, surging high-tech employment, strong buyer demand: it is now common for appealing, well-priced homes to receive multiple offers within 2 – 3 weeks of coming on market.
Last year’s early autumn saw the largest surge of new listings in over 2 years, which helped power the 4th quarter market. Buyers are hoping to see a similar surge this year.