What’s Happening in the Market? February 2024 Update

February 15 2024

0 Jane

What's Happening In The Market?
February Updates

Please note: this SFAR data is for January 2024

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings were up 9.5 percent for single family homes and 1.2 percent for Condo/TIC/Coop properties. Pending Sales increased 32.2 percent for single family homes and 47.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 15.2 percent to $1,575,000 for single family homes and 8.7 percent to $1,087,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 7.7 percent for single family units but was up 11.1 percent for Condo/TIC/Coop units.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

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 January SFARMLS month over month data.

Happy 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! It is a Great time to Buy; You can refinance later!

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!

Click here to see the 2023 Annual Report on the San Francisco County Housing Market

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

Museum Parc #516

For Sale - Coming Soon

Description:
Fabulous Remodel
Bedrooms: 1 / Bathrooms: 1
Completely Updated
Extra Large Floor plan ~ 900 Sf
Quiet, Floral Courtyard Views
Showing by appointment

CHECK OUT YOUR DREAM HOME

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