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San Francisco Market Update
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Clients, friends, and colleagues:
From a national (and global) perspective, there's undoubtedly increased uncertainty and volatility characterized by our current politcal and economic conditions. It's impossible to say how it will all play out in the near or long term; policies, actions, and reactions have been changing on a dime so far in 2025. And while uncertainty typically has a negative impact on demand, we're seeing it play out in different ways across our various sectors.
On a local level, and on a better note, there's a lot of data that signals San Francisco has really turned the corner:
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Blackstone just paid $111,000,000 for 199 Howard Street, marking the city's first 9 figure deal since the pandemic.
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JPMorganChase is expanding their footprint in San Francisco, doubling down on our city's downtown revival. Their expansion at 560 Mission makes it the bank's Bay Area headquarters.
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Office leasing reached its post pandemic high this April. Of the top 25 deals this quarter, 60% were for tech tenants.
Single family homes remain hyper competitive in our top tier zip codes due to tightened supply and cash-rich demand (buyers are still fiercely competing for homes despite the economic turbulence); multi-families and condos/TICs remain in a buyer's market. I know of several incredible opportunities downtown.
The median price for Single-Family homes climbed up ~7% over the last month to $1.62M.*
The median price for Condos climbed up ~3% over the last month to $1.045M, but still well below pre-pandemic highs ($1.3M) and down nearly 10% year over year.*
*It's important to note that current statistics predate most of the dramatic of recent financial developments.
Interest rates have been fluctuating between the low to high 6s.
If you have any questions about the market, or a specific property/neighborhood, feel free to reach out.
Sincerely,
Ron
New listings & recent sales @ the bottom of this email
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3 BD 3 BA 2740 SF $1,795,000
COMING SOON!
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280 Spear Street, Unit 23C
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2 BD 2 BA 1204 SF $1,695,000
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555 Fulton Street, Unit 427
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1 BD 1 BA 728 SF $749,000
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1935-1937 Greenwich Street
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4 BD 6 BA 3160 SF $4,498,000
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1 Hawthorne Street, Unit 6F
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1 BD 1 BA 504 SF $535,000
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Recent Sales / In Contract
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3 BD 2 BA 2250 SF $3,000,000
SOLD
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3 BD 2 BA 2015 SF $2,450,000
SOLD
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2525 Van Ness Avenue, Unit PH 4
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2 BD 3 BA 1299 SF $2,099,000
SOLD
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2200 Market Street, Unit 305
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2 BD 2 BA 1170 SF $1,400,000
SOLD
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Ron Salter
DRE #: 01989381
REALTOR®
M: 415.717.8752
[email protected]
Montgomery + LEE
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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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