What’s Happening in the Market? October 2023 Update

October 18 2023

0 Jane

What's Happening In The Market?
October Update

Please note: this SFAR data is for September 2023

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).

New Listings were up 1.6 percent for single family homes but decreased 2.6 percent for Condo/TIC/Coop properties. Pending Sales increased 0.5 percent for single family homes but decreased 5.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 4.1 percent to $1,582,500 for single family homes and 9.5 percent to $1,050,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 26.1 percent for single family units and 37.8 percent for Condo/TIC/Coop units.

Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.

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 September 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 -

and

Mission Bay

255 Berry Street

For Sale - Asking $1,399,000

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
EASY TO SHOW!