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.

Based on July SFARMLS month over month data.

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.

 and 

Mission Bay

255 Berry Street

For Sale – Asking $1,399,000

Description:
Penthouse – 7th Floor Condo
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1285
High Ceilings
Spacious Living / Dining Area
1 Car Parking
Excellent Location
Pet Friendly
EASY TO SHOW!

Museum Parc #602

For Sale – Asking $998,000

Description:
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
Description:
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

Description:
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

Description:
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

Description:
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

Description:
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