The San Francisco market continues to be highly segmented with notable distinctions between single-family homes and condominiums, as well as drastic variations among different neighborhoods.
The persistent decline in the number of homeowners listing their properties for sale continues to exert its influence on the delicate balance between supply and demand, putting upward pressure on pricing.
The Wall Street Journal recently released an article titled, "The Fall in Home Prices May Already Be Over," reporting “The surprisingly quick recovery [of the housing market] suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year… There still aren’t enough homes for sale to meet demand.”
Following Labor Day, there is typically a notable increase in inventory and heightened market activity through fall. Subsequently, a large majority of properties tend to be taken off the market after Thanksgiving to await the spring selling season. Properties that remain listed during the holiday period often present excellent opportunities for savvy buyers, as the owners are often motivated to sell quickly.
YEAR-OVER-YEAR COMPARISON
SINGLE FAMILY RESIDENCES
MONTH-OVER-MONTH COMPARISON
SINGLE FAMILY RESIDENCES
CHANGE IN PAST MONTH:
SALES PRICE +8.8%
DAYS ON MARKET +1 day
MEDIAN AREA VALUES
SINGLE FAMILY RESIDENCES
Q2 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 -5.0%
DAYS ON MARKET -3 days
MEDIAN AREA VALUES
CONDOMINIUMS/TIC/COOPs
Q2 2023
* Denotes small sample size; Use caution when interpreting results.