What’s Happening in the Market? January 2023 Update

What’s Happening In The Market?
January Update

Please note: this SFAR data is for December 2022

2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New Listings were down 14.5 percent for single family homes and 50.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 7.0 percent for single family homes and 39.4 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 7.5 percent to $1,564,000 for single family homes and 26.5 percent to $955,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 12.5 percent for single family units but was down 5.6 percent for Condo/TIC/Coop units.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply,
which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.

Based on December 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 

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

Coming Soon – Call for Details

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 – $3995 / 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