What’s Happening in the Market? July 2023 Update

What's Happening In The Market?
July Update

Please note: this SFAR data is for June 2023

Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

New Listings were down 32.6 percent for single family homes and 29.5 percent for Condo/TIC/Coop properties. Pending Sales increased 2.5 percent for single family homes but decreased 9.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 14.6 percent to $1,605,000 for single family homes and 8.9 percent to $1,130,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 12.5 percent for single family units and 8.8 percent for Condo/TIC/Coop units.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.

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

Sub-District 9 Statistics

Based on June SFARMLS month over month data.

Summer Is Here!
For Condo sales, it's a buyer's market, interest rates continue to be an issue. Price per Square foot is lower. The rental market is active. Rents are stable as people are 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 -

Mission Bay

255 Berry Street

For Sale - Asking $1,399,000

Penthouse - 7th Floor Condo
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1285
High Ceilings
Spacious Living / Dining Area
1 Car Parking
Excellent Location
Pet Friendly

Museum Parc #602

For Sale - Coming Soon

Bedrooms: 2 / Bathrooms: 2
Completely Updated
Wood floors, In-Unit Laundry

Museum Parc Penthouse

For Lease - Asking $5,500/mo

Penthouse Level - 14th Floor Condo
Bedrooms: 2  /  Bathrooms: 2
Square Feet: ~ 1490
High Ceilings
Fully Remodeled, Electric Blinds
Available: August 2023

Museum Parc

For Lease - Asking $3,400/mo

Bedrooms: 1 / Bathrooms: 1
Large Patio with Magnolia Trees
Furnished - Transitional
Updated Kitchen, Bath & Floors
Available: September 1

Museum Parc  '01 Stack
Rarely AvailableFor Sale - Coming Soon

Drop Dead Views!
Bedrooms: 2 / Bathrooms: 2
~ 1490 Square Feet
Dramatic City Views
Huge Entertainment Area
Easy to show!


Museum Parc - LEASED

3rd Floor
Bedrooms: 1 / Bathrooms: 1

255 Berry St - LEASED

Condo - #416
Bedrooms: 2 / Bathrooms: 2
+ Den


Bedrooms: 2 / Bathrooms: 2
+ Den
Square Feet: ~1388


Bedrooms: 2, Bathrooms: 2
Approximately 1400 SqFt

701 Minnesota Condo - LEASED

Hip Dog Patch Area
Bedrooms: 2, Bathrooms: 1

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

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