What’s Happening in the Market? June 2023 Update

23
Jun

What’s Happening In The Market?
June Update

Please note: this SFAR data is for May 2023

Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.

New Listings were down 9.0 percent for single family homes and 36.8 percent for Condo/TIC/Coop properties. Pending Sales decreased 12.0 percent for single family homes and 27.7 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 17.8 percent to $1,650,000 for single family homes and 7.7 percent to $1,121,500 for Condo/TIC/Coop properties. Months Supply of Inventory increased 42.9 percent for single family units and 12.1 percent for Condo/TIC/Coop units.

While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.

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 May 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 –

and

255 Berry Street

For Sale – Call for Details

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

Arden

For Lease – Call for Details

Description:
15th floor panoramic views
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1400
Huge Entertainment Area
Move In: September 9th

Museum Parc #602

For Sale – Call for Details

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

Museum Parc

For Lease – Call for Details

Description:
Bedrooms: 1 / Bathrooms: 1
Large Patio with Magnolia Trees
Furnished – Transitional
Updated Kitchen, Bath & Floors
Available: August 1