SAN FRANCISCO (KPIX 5) — There is a faint glimmer of hope that the Bay Area’s real estate prices are softening, but only in the high-end of the market.
Stephan Gomez has been selling top San Francisco real estate for more than two decades, and has seen the busts and the booms. He’s listing a $22 million home in the city’s Pacific Heights neighborhood.READ MORE: Woman Found Dead During Visit With Friends at Home in Rohnert Park
“I think at this price point, it’s just finding the one or two people who have a need for it,” Gomez said.READ MORE: San Francisco Bayview District Native Unites Faith-Based Community to Help Others
Sales of homes over $2 million are slowing. But, at the lower end – now considered anything under $2 million – are still selling for over asking in most cases with multiple offers.
“Tech industry still predicts a lot more people moving into this area. We still have buyers for the properties. We don’t have a lot of inventory still, there’s a dearth of inventory,” said Gael Bruno of Sotheby’s Real Estate.MORE NEWS: San Francisco's 'Mayor of The Mission' Helps Feed People Struggling To Survive During Pandemic
Bruno doesn’t think that’s going to change any time soon, saying it’s still a seller’s market.