What’s Happening in the Market? July Update

What's Happening In The Market?
July Update

Please note: this SFAR data is for June 2022

Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

New Listings were down 36.7 percent for single family homes and 39.8 percent for Condo/TIC/Coop properties. Pending Sales decreased 28.4 percent for single family homes and 35.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 2.6 percent to $1,890,000 for single family homes but remained flat at $1,250,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 25.0 percent for single family units and 14.3 percent for Condo/TIC/Coop units.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

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 June SFARMLS month over month data.

The Return to the office!
For Condo sales, Supply and Demand continues to be an issue for the Summer. Price per Square foot is lower. For the Rental market, the rents are rising as demand is strong for return 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 testimonials:

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Museum Parc Condo
Yerba Buena

FOR SALE $575,000
Description:
Penthouse Studio with Sleeping Alcove
Bedrooms: 0 / Bathrooms: 1
14th Floor
Panoramic SkyLine View
10ft Ceilings Higher than Floors 1-13
Tons of Natural Light
Generous Walk-In Closet
Museum Parc Condo
Yerba Buena

COMING SOON

Description:
One of a Kind!
Bedrooms: 2 / Bathrooms: 2
Architecturally Updated
~ 1472 Square Feet
Lush Courtyard Views
Lovely Wood Floors
Buy it Now Prior to Staging

PRE-MLS

1395-1397 18th Ave
San Francisco, CA
Call For Showing Schedule
Asking $2,098,000

Description:
2 Unit Building + Street Level Room & Bath ~ 2647 Sqft
2 Full Floor Flats: 2 BRs, 1 BA. Living Room/Dining w/ Fireplace
1 Street Level Room & Bath are legal but warranted
Units Occupied (Do not disturb tenants)
Convenient to UCSF, Golden Gate Park, Shops, markets & restaurants
Inner Sunset District

PRE-MLS

201 Harrison #908
COMING SOON - Call For Details

Description:
Bedrooms: 1 / Bathrooms: 1
Bridge Views, Parking, Amenities

Millennium 5E
301 Mission Street, San Francisco

Available Now - $5200 / mo
Description:
2 Bedrooms / 2 Bathrooms – 1136 SqFt

Resort Style Amenities, Easy walk to Financial District/ Salesforce, Google, FB, Apple, Courtyard Views, In Unit W/D, Leased Parking

1545 Franklin St (Lower Pac Heights)
Asking $5500 / mo
Description:
Edwardian Flat
Bedrooms: 3-4
Bathrooms: 2.5
~ 1700 Square Feet, W/D
350 Broderick St #206
Available - $5200 / mo
Description:
Bedrooms: 2 / Bathrooms: 2
2 Patios
Partially Furnished
Parking Available
NOPA Area. Panhandle area Parks, Grocery & Restaurants
The Metropolitan
355 1ST St #2004

Available - $3500 / mo
Description:
Bedrooms: 1 / Bathrooms: 1
1st Floor Parking Available
SOMA Area. Walk to Meta, Google, Amazon, FIDI
PROPERTY UPDATES
Arden #214
SOLD
$1,550,000 Buyer Represented

Description:

Bedrooms: 2 / Bathrooms: 2
Terrace, Parking & Storage

MUSEUM PARC #424
LEASED

Description:
Bedrooms: 1 / Bathrooms: 1.5

Museum Parc #1008
LEASED
Description:
Bedrooms: 1 / Bathrooms: 1