What’s Happening in the Market? August 2023 Update

What's Happening In The Market?
August Update

Please note: this SFAR data is for July 2023

Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

New Listings were down 23.2 percent for single family homes and 37.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 19.9 percent for single family homes and 18.5 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 13.0 percent to $1,450,000 for single family homes and 3.1 percent to $1,159,500 for Condo/TIC/Coop properties. Months Supply of Inventory increased 6.3 percent for single family units and 15.6 percent for Condo/TIC/Coop units.

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.

San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview

Sub-District 9 Statistics

Based on July SFARMLS month over month data.

Summer Is Here!
For Condo sales, it's a buyer's market, interest rates continue to be an issue. Price per Square foot is lower. The rental market is active. Rents are stable as people are 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 -

Mission Bay

255 Berry Street

For Sale - Asking $1,399,000

Penthouse - 7th Floor Condo
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1285
High Ceilings
Spacious Living / Dining Area
1 Car Parking
Excellent Location
Pet Friendly

Museum Parc #602

For Sale - Asking $998,000

Bedrooms: 2 / Bathrooms: 2
Completely Updated
Wood floors, In-Unit Laundry
Bedrooms: Blackout Shades
Living Room: Electric Blinds

Museum Parc #501
Rarely AvailableFor Sale - Asking $1,025,000
Drop Dead Views!
Bedrooms: 2 / Bathrooms: 2
~ 1490 Square Feet
Dramatic City Views
Huge Entertainment Area
Easy to show!

Museum Parc Penthouse

For Lease - Asking $5,500/mo

Penthouse Level - 14th Floor Condo
Bedrooms: 2  /  Bathrooms: 2
Square Feet: ~ 1490
High Ceilings
Fully Remodeled, Electric Blinds
Available: August 2023

Museum Parc Condo

For Lease - Asking $3,400/mo

Bedrooms: 1 / Bathrooms: 1
Large Patio with Magnolia Trees
Furnished - Transitional
Updated Kitchen, Bath & Floors
Available: October 1

Museum Parc 8th Floor

For Lease - Asking $3,300/mo

Large Floorplan
Bedrooms: 1 / Bathrooms: 1.5
Large Patio - City View
Updated Kitchen, Bath & Floors
Available: September 10

Arden 14th Floor

For Lease - Asking $6,500/mo

Mission Bay along the Creek
Bedrooms: 2 / Bathrooms: 2
Large Patio w/ South Mission Bay Views
Gourmet Kitchen - Huge Island, Thermador Appliances
W/D, A/C, Parking, Doorman
Resort Style Amenities: Pool, Spa, Gym, Billiards
Available: Early October 2023


Museum Parc - LEASED

3rd Floor
Bedrooms: 1 / Bathrooms: 1

255 Berry St - LEASED

Condo - #416
Bedrooms: 2 / Bathrooms: 2
+ Den


Bedrooms: 2 / Bathrooms: 2
+ Den
Square Feet: ~1388


Bedrooms: 2, Bathrooms: 2
Approximately 1400 SqFt

701 Minnesota Condo - LEASED

Hip Dog Patch Area
Bedrooms: 2, Bathrooms: 1

Sharon Glen - LEASED

Prime Location
Bedrooms: 2, Bathrooms: 2
Approximately 1200 SqFt

Arden - LEASED

Bay Views from 718 Tower
Bedrooms: 2, Bathrooms: 2
Square Feet: 1400 Approx

Arden #1404
SOLD $2,185,000Description:
Bedrooms: 2, Bathrooms: 2
Square Feet: 1473 Approx