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San Francisco Real Estate
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Clients, friends, and colleagues:
My last update referenced the mixed bag that is San Francisco real estate. Since then, I've written offers for clients on single-family homes where there were 8-10 total offers (including a property that went nearly $1M, or 30%+, over asking); while also writing and receiving offers on multi-families and condos for well under asking.
Some parts of the city are seeing wild overbidding due to extremely low single-family supply, while other parts are experiencing very specific and opportunistic demand.
It goes to show you that now is a great time to buy, regardless of your criteria. If you're a single family buyer in a top location of the city, while it's a challenge to get into contract (you need the right team!), it's clear that the appreciation potential is robust. Bidding wars and nearly $1M over-asking on several properties, in a market with interest rates still north of 6.5% and the stock market in the red year-to-date? Imagine the appreciation you'll capture in the future with more ripe economic conditions.
And if you're a condo buyer, you're looking at under market value opportunities with the luxury of being more discerning.
The median sale price for a condo across San Francisco county dipped to $1,010,000: this is the lowest point since September of 2015. This is 23% below the high of $1,300,000 achieved in June 2022.
Below are some more detailed and descriptive graphs including mortgage rates and the stock market.
If you have any questions about a particular property or market, I am always here and happy to help.
Cheers,
Faye
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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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