What’s Happening in the Market? April 2023 Update

21
Apr

What’s Happening In The Market?
April Update

Please note: this SFAR data is for March 2023

Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

New Listings were down 29.5 percent for single family homes and 41.6 percent for Condo/TIC/Coop properties. Pending Sales decreased 36.9 percent for single family homes and 36.4 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 15.1 percent to $1,697,500 for single family homes and 10.5 percent to $1,080,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 30.8 percent for single family units and 6.9 percent for Condo/TIC/Coop units.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

San Francisco Condo/TIC/Coop Activity Overview

District 9: Central East Activity Overview

FOR THE FULL REPORT – CLICK HERE!

Sub-District 9 Statistics

Based on March SFARMLS month over month data.

Spring Is Here!
For Condo sales, interest rates continue to be an issue. Price per Square foot is lower. For the Rental market, the rents are flat with uncertainty about returning to the office.
Loan Tip: The seller can buy down the loan interest rate for the buyer!

Please call me any time for information about the neighborhood or current market conditions. My successful marketing plan has been raising property values over the years. Let’s make it work for you too.

Read my most recent testimonial:

When my husband and I decided to sell our condo (#1404) in the Arden we weren’t sure what to expect in this market. Through Jane’s hard work, diligence, experience, and expertise the condo sold within 3 weeks and over asking! We couldn’t be happier! Having a Realtor who lives in the building is a big plus. The marketing plan for the condo including the website, photography and staging was very professional. Jane went above and beyond by finding temporary storage for some of our furniture and handling the inspections, moves, etc. Jane is willing to help out in any way that’s needed and all with a smile. She is a joy to work with and we highly recommend her.

– John & Nyra –

and

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