San Francisco Real Estate
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Clients, friends, and colleagues:
There is a growing sense that in 2023 San Francisco hit its post-pandemic low - economically, socially, and certainly in media coverage - and that it has now begun a significant recovery on all those fronts. Most importantly, confidence is rebounding in San Francisco's future as a financial and cultural center, as the heart, along with Silicon Valley, of the next big technology boom (AI).
Along with substantial macroeconomic improvements in interest rates (although they ticked up a little in February), financial markets - which recently hit all-time highs - and consumer confidence, these factors are also triggering a recovery in its housing market. This is now beginning to show up across a wide variety of indicators as we move into the spring selling season, typically the most active of the year.
A few quick notable stats:
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# of sales in San Francisco are up 32% year over year
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# of $3M+ sales in San Francisco are up 68% year over year
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The median sales price of single-family homes in SF are up 10% year over year; condos up over 6%.
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For you buyers out there:
While demand has undoubtedly surged in most sectors of the market, large discounts off pre-pandemic highs still exist. If you have interest in a particular segment/property type, or have any questions, I am always here and 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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