What’s Happening in the Market? November 2023 Update

What's Happening In The Market?
November Update

Please note: this SFAR data is for October 2023

U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.

New Listings were down 1.6 percent for single family homes and 17.2 percent for Condo/TIC/Coop properties. Pending Sales increased 16.9 percent for single family homes but decreased 4.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 1.2 percent to $1,650,000 for single family homes and 1.3 percent to $1,185,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 13.0 percent for single family units and 30.8 percent for Condo/TIC/Coop units.

Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.

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

Sub-District 9 Statistics

Based on October SFARMLS month over month data.

Heading into Fall!
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 -
Museum Parc #501
Rarely Available

For Sale - Asking $1,025,000

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

Mission Bay - 255 Berry Street

For Lease - Asking $4,800/mo

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

Lumina - South Beach

For Lease - Asking $4,300/mo

338 Main St - 17th Floor - Premium D unit with Water Views

Bedrooms: 1 / Bathrooms: 1
All Wood Floors
Electric Blinds
CA Closets, W/D, A/C
Valet Parking Available
7000 SqFt Fitness Center
Pool, Theater, Music Room,
Children's Playroom

Mission Bay - Arden

For Lease - Asking $5,600/mo

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

Museum Parc #602

For Lease - Asking $4,500/mo

Bedrooms: 2 / Bathrooms: 2
Completely Updated
Wood floors, In-Unit Laundry
Bedrooms: Blackout Shades
Living Room: Electric Blinds

Museum Parc 8th Floor

For Lease - Asking $3,100/mo

Large Floorplan
Bedrooms: 1 / Bathrooms: 1.5
Large Patio - City View
Updated Kitchen, Bath & Floors
Available Now

Museum Parc #1202

For Lease - Asking $4,800

12th Floor - Large Split Floor plan
Bedrooms: 2 / Bathrooms: 2
Large Patio - City View
Updated Kitchen,  Floors
Coming Early December

Museum Parc #1403

For Lease - Asking $2,700

Penthouse Studio
Bright East Facing Views
Fully Remodeled
10' Ft Ceiling
Wood Floors