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Clients, friends, and colleagues,
Despite being in the midst of the summer doldrum here in July, the market is showing signs of heightened demand. As interest rates continue to hover around 6.8% (for the 30 yr fixed - close to their low back in January) plus renewed optimism in at least one rate cut before the end of the year, buyers are recognizing opportunities to enter a relatively low inventory market:
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The median house sales price in Q2 2024 rose 6% from 2023.
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The median condo sales prices in Q2 2024 declined by 2.5% from 2023.
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The number of homes for sale on July 1st rose 3% year over year. San Francisco has, so far, not seen the large increases in listings in 2024 common in other Bay Area counties.
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Overbidding percentages hit their highest readings, and average days on market their lowest readings in 2 years. The number of price reductions declined year over year.
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Market dynamics continue to be much more heated in the house market than in the condo market, reflecting significant differences in supply demand within those segments.
Stock markets have sustained their extraordinary rise (Nasdaq is +21.95% YTD). The homeowner's insurance situation remains challenging, with policies often difficult to locate and increasingly expensive. And the latest Census estimates revealed the Bay Area is growing older, with fewer children and a rising number of residents aged 65+.
For any specific questions or property inquiries, feel free to message me directly. I'm always here 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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