What’s Happening in the Market? February 2023 Update

What's Happening In The Market?
March Update

Please note: this SFAR data is for February 2023

In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).

New Listings were down 40.3 percent for single family homes and 40.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 39.5 percent for single family homes and 25.8 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 25.4 percent to $1,440,000 for single family homes and 6.3 percent to $1,150,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 16.7 percent for single family units but remained flat for Condo/TIC/Coop units.

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.

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

SF Annual Report - 2022

2022 began where 2021 left off:  Mortgage rates were near historic lows, buyer competition was fierce, and homes were selling at a breakneck pace, often with multiple bids and all-cash offers, due to pent-up demand and a shortage of housing supply, causing sales prices to soar to new heights. But all that changed a few months later as mortgage rates began to rise, adding hundreds of dollars to monthly mortgage payments and causing housing affordability to plummet to its lowest level in decades. As borrowing costs continued to increase, home sales and home prices began to slow, and after two years of record-breaking activity, the red-hot housing market was finally coolingLooking ahead to 2023, much depends on inflation, mortgage interest rates, and the broader state of the economy, although economists predict many of 2022’s housing trends will continue into the new year: home sales will soften, price growth will moderate, inventory will remain tight, and there will be greater variability between markets nationally, with some regions possibly seeing price declines while other, more affordable areas of the country remain in high demand and experience price growth.


Sub-District 9 Statistics

Based on February SFARMLS month over month data.

Spring Begins March 20th!
For Condo sales, interest rates continue to be an issue. Price per Square foot is lower. For the Rental market, the rents are flat with uncertainty about 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 -

Woodside Elegant View Home

For Lease - Call for Details


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

Museum Parc  '01 Stack
Rarely AvailableOff Market - For Sale $1,025,000

A Diamond in the Rough!
Bedrooms: 2 / Bathrooms: 2
~ 1490 Square Feet
Dramatic City Views
Huge Entertainment Area

701 Minnesota St #103
Loft Style CondoFor Lease - $4800 / mo

Hip Dog Patch Area
Bedrooms: 2 / Bathrooms: 1
Courtyard Patio with Views
Remodeled Kitchen & Bath Wood floors
Small Dog Friendly – Crane Cove Park down the street
EZ walk to UCSF, Uber, Chase Center
Parking Available

3rd Floor w/Large Outdoor PatioFor Lease - $3300 / mo

Bedrooms: 1 / Bathrooms: 1
Patio faces the Quiet, Garden Courtyard
Updated Kitchen, Wood floors
In-Unit Laundry

10th Floor w/ Sunny Outdoor PatioFor Lease - $3300 / mo

Bedrooms: 1 / Bathrooms: 1
Updated Kitchen & Bathroom
In-Unit Laundry


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

Museum Parc Condo #506
Bedrooms: 2 / Bathrooms: 2

Museum Parc Condo #516
Bedrooms: 1 / Bathrooms: 1

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

350 Broderick St

Bedrooms: 2 / Bathrooms: 2

Arden #319
Bedrooms: 2 / Bathrooms: 2