San Francisco’s Real Estate Market Softening, But Only For Super Rich

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.

“I think at this price point, it’s just finding the one or two people who have a need for it,” Gomez said.

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.

Bruno doesn’t think that’s going to change any time soon, saying it’s still a seller’s market.

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