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.

Based on August 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.

- 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!

Museum Parc #602

For Sale - Asking $998,000

Description:
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

Description:
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

Description:
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

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