What’s Happening in the Market? March 2024 Update

What’s Happening In The Market?
March Updates

Please note: this SFAR data is for February 2024

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New Listings were up 28.3 percent for single family homes and 18.2 percent for Condo/TIC/Coop properties. Pending Sales increased 31.7 percent for single family homes and 33.7 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 9.7 percent to $1,580,000 for single family homes but decreased 5.0 percent to $1,104,000 for Condo/TIC/Coop properties. Months Supply of Inventory remained flat for single family units but was up 12.9 percent for Condo/TIC/Coop units.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

Based on February 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 

Museum Parc #501

Museum Parc ’01 Stack – Rarely Available
For Sale Off Market – $1,100,000

Description:
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1490
Dramatic City Views
Huge Entertainment Area

Museum Parc #516

For Lease – Asking $3,300

Description:
Fabulous Remodel
Bedrooms: 1 / Bathrooms: 1
Completely Updated
Extra Large Floor plan ~ 900 Sf
Quiet, Floral Courtyard Views
Showing by appointment

Museum Parc #1202

For Lease – Asking $4,300

Description:
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1160
City Views, Patio, W/D

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

Lumina – 338 Main St #22C

For Lease – Coming Soon (May 2024)

Description:
Bedrooms: 2 / Bathrooms: 2
Square Feet: ~1400
Prestigious corner  “C” Unit
Bay Bridge & Water Views