Clients, friends, and colleagues:
The San Francisco real estate market has been a mixed bag, much like it has been for the last 18-20 months. It's the same story: single-families and boutique condos in top tier locations of the city are trading fairly well and quickly, while our larger condo buildings (most notably SoMa and downtown SF) are struggling with longer days on market and price cuts.
I mentioned a general optimism in my January update, and this feeling remains. The virbancy of downtown is inching back, our mayor is prioritizing downtown districts and business incentives, and our rental inventory has seen stronger demand. We haven't seen this activity spill into the sale market; condo sales are still slow but ripe with opportunity. According to our CEO of Compass, Robert Reffkin, San Francisco is the most underrated market in America and poised for the biggest rebound in the next 5 years.
Let's jump into the pertinent numbers (more detailed graphs below):
Inventory is down year-over-year: down 9.2% overall
(Down 16% for single-family; Down 5% for condos)
Median sale price in San Francisco is slightly up 2% year-over-year
(Even for single-families; Down 2.3% for condos)
Days on Market (DOM) pushed up to 60 days for condos; down to 18 days for single-families
The 30-yr fixed has dipped down to 6.85% (below it's high in mid January of 7%)
Stock markets have been volatile: Dow is +3% and Nasdaq is -1% year to date.
If you have any questions about a particular property, market, or additional insights, I am always here and happy to help.
Cheers,
Faye