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Clients, friends, and colleagues,
A couple important updates right off the bat:
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Per the WSJ, great inflation news is setting the stage for the September rate cut. The CPI dropped below 3% (to 2.9%) for the first time in well over 3 years.
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Mortgage interest rates continue their downward trend, hovering around 6.5% for the 30-yr fixed and at their lowest point in over a year. Mortgage loan application volume is up nearly 17%
Following the typical seasonal trend, the market cooled in summer from what is usually its most heated selling season in spring. New listing and sales activity slowed, overbidding did decline, and homes took a bit longer to go into contract on average (these are general statements and are highly variable depending on each market segment within the city). However, numbers are up significantly on a year-over-year basis:
San Francisco prices at a glance (3-month rolling averages):
Median sales price (single-family): $1,625,625 (+4.9% year over year)
Median sales price (condo): $1,200,000 (+4.8% year over year)
Median days on market (single-family): 14 (-6.7% year over year)
Median days on market (condo): 32 (-5.9% year over year)
The data points toward a positive and active fall market, beginning the first week of September. Expect a rush of new inventory and influx of new buyer demand, heightened by the lower interest rates and general future optimism.
If you have any specific questions about the market or property, message me directly. I'm always happy to help!
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Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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