What’s Happening in the Market? January 2024 Update

What’s Happening In The Market?
January Updates

Please note: this SFAR data is for December 2023

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

New Listings were down 37.5 percent for single family homes and 3.8 percent for Condo/TIC/Coop properties. Pending Sales decreased 14.7 percent for single family homes but increased 29.5 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 5.7 percent to $1,450,000 for single family homes but increased 4.9 percent to $996,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 9.1 percent for single family units but was up 20.0 percent for Condo/TIC/Coop units.

Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.

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.

– John & Nyra –

 and 

Mission Bay – Arterra #810

For Lease – $4,300 /mo

Description:
8th Floor Quiet Corner Condo
Mission Creek Views
Tons of Natural Light
Bedrooms: 2 / Bathrooms: 1
Spacious Living / Dining Area
1 Car Parking Available
Excellent Location
Walk to CalTrain
Available Now!

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

Museum Parc #1202

For Lease – Asking $4,300

Description:
12th Floor – Large Split Floor plan
Bedrooms: 2 / Bathrooms: 2
Large Patio – City View
Updated Kitchen and Floors

Museum Parc #1403

For Lease – Asking $2,550

Description:
Penthouse Studio
Bright East Facing Views
Fully Remodeled
10′ Ft Ceiling
Wood Floors