What’s Happening in the Market? October 2024 Update

October 16 2024

0 Jane

What's Happening In The Market?
October Updates

Please note: this SFAR data is for Sept 2024

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

New Listings were up 2.9 percent for single family homes but decreased 3.4 percent for Condo/TIC/Coop properties. Pending Sales increased 15.5 percent for single family homes and 27.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.8 percent to $1,625,000 for single family homes and 6.7 percent to $1,120,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 29.0 percent for single family units and 11.1 percent for Condo/TIC/Coop units.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

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 Sept SFARMLS month over month data.

Welcome!

For Condos, both for sale and for lease, in the South of Market Area and Mission Bay it's a buyer's market. So, keep your referrals coming! It is a GREAT time to buy! The Federal Reserve cut rates today by .50 basis points. This is significant after the 8% loan rates in 2023.

Read my most recent testimonial:

I am thrilled to share my extraordinary experience working with Jane Hopkins, a truly exceptional real estate agent who transformed my condo into a modern masterpiece. From the moment we began, Jane demonstrated an unparalleled vision and dedication that redefined my property.

What started as a condo with outdated shag carpet and faux plaster walls was meticulously reimagined into a sleek, elegant space featuring white engineered floors and smooth white walls. This remarkable transformation extended to two bathrooms and a kitchen, all upgraded to reflect contemporary style and sophistication.

Navigating the sale of my condo during a challenging real estate market with interest rates at 7% and concerns about the future of San Francisco's South of Market area was no small feat. However, Jane’s patience, perseverance, and expert negotiation skills ensured that we successfully closed the sale despite multiple challenging offers.

If you are considering buying or selling a property, I wholeheartedly recommend Jane. Her visionary approach, professionalism, and unwavering commitment to her clients make her the ideal partner in any real estate endeavor. Working with Jane was an absolute pleasure, and I am confident she will exceed your expectations just as she did mine.

- C.F., Seller -