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MAY 2023 WRAP-UP We're already approaching the halfway point of 2023, and this year has been unlike any other in recent memory when it comes to the real estate industry. Median home sales prices have begun to recover from mid-winter lows, though remain far below peak prices hit in Spring 2022. Phrases like "multiple offers" and "hundreds of thousands of dollars above the asking price" are now commonly heard alongside remarks about properties lingering on the market for over six months. The new normal includes talk about "record-breaking listing prices" and off-market transactions in the same breath as the "downfall of downtown." Now more than ever, the market is highly segmented, necessitating precise and specific micro-analysis that delves into a property's exact location on a specific block. While general market statistics are useful for newsletters and headlines, selling a property requires a comprehensive analysis and a well-thought-out plan. Mortgage rates declined this week after a three-week ascent with the average for a 30-year fixed-rate mortgage recording at 6.71 percent. FreddieMac reported, 'Mortgage rates decreased after a three-week climb. While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.' YEAR-OVER-YEAR COMPARISON SINGLE FAMILY RESIDENCES MONTH-OVER-MONTH COMPARISON SINGLE FAMILY RESIDENCES CHANGE IN PAST MONTH: SALES PRICE +3.1% DAYS ON MARKET +1 day MEDIAN AREA VALUES SINGLE FAMILY RESIDENCES Q1 2023 * Denotes small sample size; Use caution when interpreting results. YEAR-OVER-YEAR COMPARISON CONDOMINIUMS/TIC/COOPs MONTH-OVER-MONTH COMPARISON CONDOMINIUMS/TIC/COOPs CHANGE IN PAST MONTH: SALE PRICE -4.0% DAYS ON MARKET -2 days MEDIAN AREA VALUES CONDOMINIUMS/TIC/COOPs Q1 2023 * Denotes small sample size; Use caution when interpreting results. YEAR-OVER-YEAR COMPARISONS MEDIAN SALE PRICE $1,650,000 -17.8% year-over-year $1,150,000 -6.5% year-over-year MEDIAN MARKET TIME 14 days +2 day change year-over-year 32 days +13 day change year-over-year NUMBER OF SALES 187 Properties Sold -33.7% year-over-year 216 Properties Sold -39.5% year–over–year PRINTABLE VIEW Sources: SFAR MLS. Property types covered: single-family, condominium/TIC/COOP. Only property data posted on the MLS is covered. BMRs and senior housing have been excluded from stats, where possible. All Photos are sourced by the SFAR MLS and owned by their respective brokerages. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075 View This Email in Your Browser