Photo: Open Homes Photography
The rumors are rampant — San Francisco residents are fleeing the city in droves and the real estate market locally is doomed.
But according to local agents, reports of the San Francisco real estate market’s death have been greatly exaggerated, and they instead report that there’s a “robust” market for homes that tick all the boxes for ever-pickier buyers.
It’s not that the trend of buyers moving out of the city isn’t happening, explained Compass agent Bill Kitchen, who had several SF clients decamp in search of more space in the suburbs. There are still plenty looking to stay put, with their sights set on a new must-have: private outdoor space. “I am seeing outdoor living as a big trend right now in San Francisco,” he said. “Those cooped up in a small condo are looking for some outdoor space, even if it is a small patio.”
A Strong Market for Single-Families
The real decline may hit the condo and rental market more than the single-family market, as those who were renting may be more likely to leave the city entirely and those who want to stay may be seeing homeownership with new eyes. “It seems as though buyers are prioritizing single-family homes as opposed to condominiums and, more particularly, homes that offer some outdoor space,” said Sotheby’s agent Tania Toubba. “One of my clients was tired of sheltering in his small apartment and decided it was time to buy a place with some space.”