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Clients, friends, and colleagues,
I'm going to keep this update brief, and simply jump into the raw data relevant to the SF market:
Median Sale Price / Single-Family
September 2023: $1,550,000 (-6.1% year over year)
September 2019: $1,550,000
Median Sale Price / Condominiums
September 2023: $1,100,000 (-3.9% year over year)
September 2019: $1,235,000
In other words, the median sale price for single-family homes is identical to what it was prior to the pandemic, however condominiums have dropped a net 11% in that same timeframe.
Active Inventory / Single-Family
September 2023: 374 (-6.7% year over year)
Active Inventory / Condominiums
September 2023: 697 (-21% year over year)
In other words, single-family inventory is down 14% off of the same time pre-pandemic, and condo inventory is actually 13% higher than the same time pre-pandemic.
While every headline you'll read states low inventory, it's important to understand the nuance to our segmented markets and keep historical context.
The national average interest rate for the 30-yr fixed is currently at 8%.
Clients of mine have recently been pre-approved just over 7% for the 30-yr fixed. Keep in mind it may be advisable to consider 7 and 10-year ARMs. I've seen these recently in the mid-high 6s. I have a short list of wonderful lender contacts -- I'm happy to make an introduction.
As always, let me know if you have any questions! It's a great time to be in the market right now as a buyer -- brushing up on the holidays can provide some wonderful opportunities to find motivated sellers.
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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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