What’s Happening in the Market? May 2023 Update

What's Happening In The Market?
May Update

Please note: this SFAR data is for April 2023

U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings were down 29.2 percent for single family homes and 40.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 27.5 percent for single family homes and 22.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 23.2 percent to $1,575,000 for single family homes and 13.7 percent to $1,177,500 for Condo/TIC/Coop properties. Months Supply of Inventory increased 35.7 percent for single family units and 3.1 percent for Condo/TIC/Coop units.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.

Based on April 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.

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Woodside Elegant View Home

For Lease - Call for Details

OFF MARKET

Description:
Bay Views
Lot size: 1 Acre
Square Feet: 5000
Gated, Secure Property
Garage: 3 Car
Open Floor Plan
Soaring Ceiling
Fenced, Flat Backyard
Available: Upon Request
Easy to Show

Arden - Mission Bay

For Lease - Call for Details

Description:
Panoramic Views
Bedrooms: 2 / Bathrooms: 2 + Den
Square Feet: ~1400
Huge Entertainment Area
Move In: June 15

Arden - #112

For Lease - Call for Details

Description:
Bedrooms: 2 / Bathrooms: 2 + Den
Square Feet: ~1388
EZ Street Access for Bikes
Move In: June 15

255 Berry St - Mission Bay

For Lease - $4500 / mo

Description:
Condo - #416
Bedrooms: 2 / Bathrooms: 2 + Den
Square Feet: ~1150
Next to Mission Creek
EZ walk to CalTrain
Move In: June 1

MUSEUM PARC CONDO
3rd Floor w/Large Outdoor PatioFor Lease - $3100 / mo

Description:
Bedrooms: 1 / Bathrooms: 1
Patio faces the Quiet, Garden Courtyard
Updated Kitchen, Wood floors
In-Unit Laundry

Museum Parc  '01 Stack
Rarely AvailableOff Market - In Contract

Description:
A Diamond in the Rough!
Bedrooms: 2 / Bathrooms: 2
~ 1490 Square Feet
Dramatic City Views
Huge Entertainment Area