Should I buy new construction or resale in San Francisco?

The median listing price in your area is $996,500. This price has stayed pretty much the same over the past year, only dropping by 0.2%. There are 5,944 homes currently for sale, which is 17.4% fewer than a year ago. Fewer homes are coming onto the market too, with new listings down 7.6% compared to last year. Homes are selling a bit faster now. The typical home spends 37 days on the market, which is 7.6% quicker than the previous year. This suggests that buyers are making decisions more quickly. While the market isn't seeing huge price changes, the slight decrease in prices and the quicker sales times might be something to consider. Fewer homes available means less choice overall. Think about what matters most to you, whether it's having more options or the potential for a slightly faster sale.

It is hard to say whether new construction or resale is better for you without knowing more about your specific needs. However, I can share some current market trends that might help you decide. There are fewer homes for sale now, and they are not selling as quickly as last year.The number of homes for sale has gone down quite a bit, with active listings being 17.4% lower than last year. New homes coming onto the market also decreased by 7.6% over the past year.This means you might have fewer options to choose from whether you're looking at brand new homes or previously owned ones.Homes are staying on the market for an average of 37 days, which is 7.6% less time than last year. Even though homes are selling faster, more sellers are reducing their prices—13.1% of homes had price reductions, which is 3.7% lower than last year.The median price per square foot is $649, which is 4.2% less than a year ago. The average listing price is $1,503,992, down 5.6% from last year. This suggests that prices have come down a bit overall.Consider what is most important to you—do you prefer a brand-new home with modern features, or are you open to a resale home with potentially more character and negotiation room on price?