San Francisco Market Update

October 2024

Clients, friends, and colleagues:

My last report noted the drop in interest rates to a 1.5 year low, nearing 6% for the 30-yr fixed and inflation falling to its lowest point in 3.5 years. Both positive developments for our housing market.

An unexpectedly strong jobs report has caused interest rates to spike back up (the largest one week increase since April). It's challenging to predict changes in interest rates as there are many macroeconomic and political factors at play, but the consensus opinion is that rates will continue to decline in Q4.

Though sales activity increased in September, the recent drop in interest rates did not precipitate as substantial of a rebound in demad as I and many had anticipated. It's tough to say why; some of my first-time-buyers see too big of a margin in their rent vs. buy analyses, others are hoping for rates to drop further. And while there's never been data to support buyer hesitancy due to an upcoming election, it may also be true that this is not your typical election year.

I'll leave you with 2 things:

1) September did see a substantial jump in new listings coming on market (by far the highest monthly count of the year) which means buyers have their widest choice of homes since late 2023.

2) As we brush up on the mid-winter holidays, we will start seeing a high number of price reductions as sellers attempt to get into escrow before the slowdown.

In short, it's a great time to be a strong buyer.

If you have any specific questions feel free to reach out. I'm always here and happy to help.

Sincerely,

Ron

Active Listings

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

Yerba Buena

765 Market Street, Unit 22E

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

Hayes Valley

555 Fulton Street, Unit 427

1 BD 1 BA 728 SF $749,000

South Beach

177 Townsend Street, Unit 827

2 BD 2 BA 1019 SF $1,150,000

Mission Bay

420 Mission Bay Boulevard North, Unit 605

2 BD 2 BA 1140 SF $1,450,000

Van Ness-Civic Center

1545 Pine Street, Unit 503

2 BD 2 BA 1131 SF $1,275,000

Cow Hollow

2286 Filbert Street

2 BD 2 BA 1160 SF $1,150,000

Recent Sales / In Contract

Inner Richmond

357 7th Avenue

2 BD 2 BA 1485 SF $1,425,000

Mission San Jose

43113 Calle Sagrada

4 BD 4 BA 2277 SF $2,025,000

Central Richmond

216 17th Avenue

3 BD 2 BA 1450 SF $1,500,000

Outer Parkside

2179 46th Avenue

2 BD 1 BA 1200 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.

marketingcenter--

Leave a Message

Thank you for your message. We will be in touch with you shortly.

San Francisco Market Update | October 2024

Leave a Message

Thank you for your message. We will be in touch with you shortly.

San Francisco Market Update | October 2024

Work With Ron