What’s Happening in the Market? December 2024 Update

16
Dec

What’s Happening In The Market?
December Updates

Please note: this SFAR data is for Nov 2024

U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.

New Listings were up 21.6 percent for single family homes but decreased 5.9 percent for Condo/TIC/Coop properties. Pending Sales increased 11.8 percent for single family homes and 65.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.6 percent to $1,567,000 for single family homes but remained flat at $1,125,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 31.8 percent for single family units and 21.7 percent for Condo/TIC/Coop units.

The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.

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 Nov SFARMLS month over month data.

Welcome!

For Condos, both for sale and for lease, in the South of Market Area and Mission Bay it’s a buyer’s market. So, keep your referrals coming! It is aGREAT time to buy!

Lending Update: It is official from Fannie Mae and Freddie Mac, the conforming loan limits increased 5.21%. 2025 Conforming loan limit for 1 unit is $806,500. High balance loan limit is$1,209,750 (1.5x of conforming loan limit).

Read my most recent testimonial:

I’m very pleased to be able to work with Jane and am happy to recommend her to prospective clients. I first connected with her when I made a brief stop in San Francisco to discuss the possibility of working together. She was easy to talk to, highly responsive, professional, and to the point. She knew the property and the market very well, as she later helped us find a tenant at the exact rate and time frame she first suggested.

What really stood out to me was when there was a major leakage in the building, leading to substantial property damage while I was out of town. Jane was on top of the problem right away — even before we had any formal agreement in place. She expertly guided us through the insurance and repair process, which saved me from potentially months of stress. She quickly took charge, helping us manage furniture, and arranged reflooring, repainting, and styling choices. When we discovered that the original flooring material was out of production and needed replacing, her eye for interior design proved invaluable. Having seen her work on remodeling another unit, I found her recommendations very sensible and helpful.

Jane’s got quite the skillset and I’m sure you’ll be glad to work with her too.

– A.H., Owner –