What’s Happening in the Market? December Update

What's Happening In The Market?
December Update

Please note: this SFAR data is for November 2022

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.

New Listings were down 12.3 percent for single family homes and 41.9 percent for Condo/TIC/Coop properties. Pending Sales decreased 31.7 percent for single family homes and 49.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 20.2 percent to $1,500,000 for single family homes and 8.9 percent to $1,148,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 21.4 percent for single family units and 6.9 percent for Condo/TIC/Coop units.

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.

Based on November 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 

Museum Parc Condo
Yerba BuenaFor Sale: $1,275,000
For Lease: $4595 / mo
Description:
Unique One of a Kind Garden Oasis!
Bedrooms: 2 / Bathrooms: 2
Architecturally Updated
~ 1472 Square Feet
Lush Courtyard Views
Lovely Wood Floors
Move In Ready!
www.3003rdSt-506.com

Noe Valley Single Family Home

Call for Details

OFF MARKET

Description:
Bedrooms: 4 / Bathrooms: 3
Garage: 1 Car
Modern, High Tech Home
Open Floor Plan
Soaring Ceiling
Fenced, Flat Backyard
Available: Upon Request
Easy to Show

Woodside Elegant View Home

Call for Details

OFF MARKET

Description:
Bay Views
Lot size: 1 Acre
Square Feet: 5000
Gated, Secure Property
Garage: 3 Car
Open Floor Plan
Soaring Ceiling
Fenced, Flat Backyard
Available: Upon Request
Easy to Show

Arden Condo

For Sale: $2,175,000
For Lease: $7,500 / mo

Available February 2023

Description:
Bedrooms: 2 \ Bathrooms 2 Suites
Size: approximately 1473 SqFt
Hardwood Floors in Bedrooms
EV Parking Space, Large Storage

Menlo Park - Sharon Heights

Condo for Lease - $3950 / mo

Available 1/10/2023
2361 Sharon Rd., Menlo Park, CA 94025

Description:
Prime Location
Bedrooms: 2, Bathrooms: 2
Approximately 1200 SqFt
Garage Parking
Central AC/Heat, Large Balcony, Community Pool & Coin Operated W/Ds
Rent includes: Water, Garbage
1 Year Lease
Shopping: 5 minute walk
Elementary/Middle Schools: 10 minute walk
Menlo-Atherton High School
Stanford University & Driving Range
Stanford Hills Park