What’s Happening in the Market? February 2023 Update

17
Feb

What’s Happening In The Market?
February Update

Please note: this SFAR data is for January 2023

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

New Listings were down 28.5 percent for single family homes and 28.6 percent for Condo/TIC/Coop properties. Pending Sales decreased 33.1 percent for single family homes and 40.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 16.0 percent to $1,370,000 for single family homes and 6.5 percent to $1,000,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 20.0 percent for single family units but remained flat for Condo/TIC/Coop units.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

San Francisco Condo/TIC/Coop Activity Overview

District 9: Central East Activity Overview

FOR THE FULL REPORT – CLICK HERE!

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 cooling

Looking 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.

FOR THE FULL REPORT – CLICK HERE!

Sub-District 9 Statistics

Based on January SFARMLS month over month data.

Winter is a great time to buy!
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.

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 –

and

Woodside Elegant View Home

For Lease – 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

Menlo Park – Sharon Heights

Condo for Lease – $3895 / mo

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