What’s Happening in the Market? September 2023 Update

What's Happening In The Market?
September Update

Please note: this SFAR data is for August 2023

Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).

New Listings were up 5.4 percent for single family homes but decreased 5.2 percent for Condo/TIC/Coop properties. Pending Sales decreased 15.5 percent for single family homes and 11.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 1.8 percent to $1,576,000 for single family homes but increased 9.3 percent to $1,093,386 for Condo/TIC/Coop properties. Months Supply of Inventory increased 33.3 percent for single family units and 17.2 percent for Condo/TIC/Coop units.

Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.

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

Sub-District 9 Statistics

Based on August 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 -
Mission Bay

255 Berry Street

For Sale - Asking $1,399,000

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

Museum Parc #602

For Sale - Asking $998,000

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

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!

Museum Parc 8th Floor

For Lease - Asking $3,300/mo

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

Lumina - Water Views

For Lease - Asking $4,900

338 Main St #22
Large Floor Plan
Bedrooms: 1 / Bathrooms: 1
All Wood Floors
Electric Blinds
CA Closets
7000 SqFt Fitness Center
Pool, Theater, Music Room,
Children's Playroom
Woodlands Market - Street Level
Available Now

Museum Parc Condo - PENDING

Bedrooms: 1 / Bathrooms: 1
Large Patio w/Magnolia Trees
Furnished - Transitional
Updated Kitchen, Bath & Floors

Museum Parc Penthouse - LEASED

Bedrooms: 2 / Bathrooms: 2

Museum Parc - LEASED

3rd Floor
Bedrooms: 1 / Bathrooms: 1

255 Berry St - LEASED

Condo - #416
Bedrooms: 2 / Bathrooms: 2
+ Den


Bedrooms: 2 / Bathrooms: 2
+ Den
Aproximately 1388 SqFt


Bedrooms: 2, Bathrooms: 2
Approximately 1400 SqFt

701 Minnesota Condo - LEASED

Hip Dog Patch Area
Bedrooms: 2, Bathrooms: 1

Sharon Glen - LEASED

Prime Location
Bedrooms: 2, Bathrooms: 2
Approximately 1200 SqFt

Arden - LEASED

Bay Views from 718 Tower
Bedrooms: 2, Bathrooms: 2
Square Feet: 1400 Approx

Arden #1404
SOLD $2,185,000

Bedrooms: 2, Bathrooms: 2
Square Feet: 1473 Approx