What’s Happening in the Market? December 2023 Update

What's Happening In The Market?
December Update

Please note: this SFAR data is for November 2023

Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month
and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.

New Listings were down 35.9 percent for single family homes and 1.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 1.2 percent for single family homes but increased 13.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.3 percent to $1,535,000 for single family homes but remained flat at $1,125,000 for Condo/TIC/Coop properties. Months Supply of Inventory remained flat for single family units but was up 27.3 percent for Condo/TIC/Coop units.

Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.

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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 November SFARMLS month over month data.

Heading into 2024!

For Condos, both for sale and for lease, in the South of Market Area and Mission Bay it's a buyer's market. With the recent influx of Generation AI companies hiring locally the property showings have increased dramatically. So, keep your referrals coming! There is off market inventory available.  The recent APEC conference produced a notable investment to improve the area around Moscone Center. The area is looking great!

Real Estate Loans Update:
The Federal Housing Finance Agency (FHFA) conforming loan limits increase to $766,550 in 2024.  Up 5.5% compared to the current limit of $726,200. This is positive for first time home buyers coupled with the recent decrease in mortgage rates.  The seller can buy down the loan interest rate for the buyer or contribute to the closing costs.

Please call me any time for information about the neighborhood or current market conditions. I look forward to working with you!

  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 

Mission Bay - Arterra #810

For Lease - $4,300 /mo


Description:
8th Floor Quiet Corner Condo
Mission Creek Views
Tons of Natural Light
Bedrooms: 2 / Bathrooms: 1
Spacious Living / Dining Area
1 Car Parking Available
Excellent Location
Walk to CalTrain
Available Now!

Mission Bay - Arden

For Lease - Asking $5,600/mo


Description:
Bedrooms: 2 / Bathrooms: 2 + Den
Square Feet: ~1287
A/C, Gas Cooking, W/D
Private, Sunny Patio
EZ Street Access for Bikes
Parking Available
Resort Style Amenities

Museum Parc #602

For Lease - Asking $4,200/mo


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

Museum Parc #1202

For Lease - Asking $4,500


Description:
12th Floor - Large Split Floor plan
Bedrooms: 2 / Bathrooms: 2
Large Patio - City View
Updated Kitchen,  Floors
Coming Early December

Museum Parc #1403

For Lease - Asking $2,550


Description:
Penthouse Studio
Bright East Facing Views
Fully Remodeled
10' Ft Ceiling
Wood Floors

PROPERTY UPDATES

Museum Parc 8th Floor - LEASED

Description:
Bedrooms: 1 / Bathrooms: 1.5

Lumina South Beach - LEASED

Description:
Bedrooms: 1 / Bathrooms: 1

255 Berry Street - LEASED

Description:
Bedrooms: 2 / Bathrooms: 2

Museum Parc Condo - LEASED

Description:
Bedrooms: 1 / Bathrooms: 1

Lumina Water Views - LEASED

Description:
Bedrooms: 1 / Bathrooms: 1

Museum Parc Penthouse - LEASED

Description:
Bedrooms: 2 / Bathrooms: 2