San Francisco Market Update

December 2024

Clients, friends, and colleagues:

Near the end of November, markets around the Bay Area began moving into the mid-winter holiday slowdown (December typically results in the lowest counts of the year for new listings and homes going into contract). Homes are still listed and deals continue to be made, just at a much slower pace. And as I always tell my clients, this is usually the period where buyers can negotiate most aggressively on unsold properties with longer days on market.

It is difficult to make definitive determinations about where the market is heading in 2025 from Q4 statistics, but in the last several years, demand rebounded substantially early in the new year and then accelerated into spring. And many of us agents have reported a significant increase in clients wanting to list their homes next year. As always, much depends on political and macroeconomic factors that are challenging to predict.

As of last week - inflation ticked up slightly to 2.7% while the core CPI remained unchanged at 3.3%.

Interest rates have ticked down a bit, mostly in the mid 6s, though there are great incentives with certain institutions that can help get your rate down (contact me for more information).

This report will look at supply and demand dynamics recorded in November - but always note that these are lagging indicators: November data primarily reflects listings that went into contract in October.

A couple quick tidbits before we jump into the data:

In totality, stock markets have continued to their rise (Dow is +16% YTD; Nasdaq is +36% YTD; S&P is +28% YTD).

The Fed dropped their benchmark rate another 0.25% (11/7/2024).

Consumer confidence hit its highest reading in 7 months on 12/6/2024.

If you have any questions about the general market or specific property, I am always here and happy to assist.

Wishing you all a wonderfuly holiday season!

Warmly,

Ron

Active Listings

Yerba Buena

765 Market Street, Unit 22E

2 BD 3 BA 1456 SF $1,800,000

Hayes Valley

555 Fulton Street, Unit 427 (Available Off-Market!)

1 BD 1 BA 728 SF $749,000

Cow Hollow

1935-1937 Greenwich Street

4 BD 6 BA 3160 SF $4,750,000

South of Market

720 Clementina Street

3 BD 4 BA 4965 SF $4,500,000

South Beach

177 Townsend Street, Unit 827

2 BD 2 BA 1019 SF $1,148,000

Van Ness-Civic Center

1545 Pine Street, Unit 503

2 BD 2 BA 1131 SF $1,250,000

Recent Sales

South of Market

920 Harrison Street, Unit 6

1 BD 2 BA 1118 SF $760,000

Mission Bay

420 Mission Bay Boulevard North, Unit 605

2 BD 2 BA 1140 SF $1,350,000

ronsellsthecity.com

Ron Salter

DRE #: 01989381

REALTOR®

M: 415.717.8752

[email protected]

Montgomery + LEE

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.

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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San Francisco Market Update | December 2024

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San Francisco Market Update | December 2024

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