|
|
|
San Francisco Market Update
|
|
|
|
|
|
|
|
Clients, friends, and colleagues,
Here's a quick bullet point summary of the market here in San Francisco. The market here, and across all Bay Area counties is very segmented, with some pockets performing historically well and others seeing very thin demand:
-
Interest rates are still hovering around 7%
-
Stock markets have seen a spectacular rebound from early April, but are still roughly even YTD.
-
April inflation reading came in at 2.3%, lowest since 2021
-
The San Francisco housing market is faring better than most Bay Area counties, with far fewer price reductions and more robust demand
While most of the Bay Area saw significant shifts to more uncertain and uneven markets in April, the SF housing market remained characterized by robust demand, though its condo market remained much softer. However, there were indications of increased hesitancny among some buyers as they trid to come to terms with new economic uncertainties - both personal and macroeconomic.
Year over year the supply of homes for sale rose about 9%, a far smaller increase than in other local markets, some of which saw jumps of 70% or more. The number of listings going into contract in April ticked up slightly, though the number of closed sales fell. The quantity of price reductions, which soraed in most Bay Area counties, remained flat from last year. The 3-month rolling SF median house sales price was unchanged from April 2024, while the median condo sales price declined.
The homes seeing highest demand, and most likely to sell quickly with multiple offers, are houses in absolute move-in condition, often professionally staged, aggressively priced, and in prime locations.
As of early May, the Fed kept its benchmark rate unchanged, mortgage rates continued to hover near 7%, but stock markets substantialy recovered from early-April plunges. Consumer confidence saw precipitous declines last month amid the enormous political/economical volatility. Specific San Francisco market data follows in this report but note that April sales statistics reflect many transaction that went into contract before the severe financial market conditions which began early in the month. May sales data will better reflect April market conditions.
If you have any questions about particular segments of the market or specific property, please feel free to reach out!
Warmly,
Ron
Recent sales/new contracts & active listings below
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 BD 3 BA 2740 SF $1,795,000
|
|
|
|
|
|
|
|
|
3 BD 4 BA 4965 SF $4,250,000
|
|
|
|
|
|
|
|
|
|
3 BD 2 BA 1980 SF $1,895,000
|
|
|
|
|
|
|
|
300 Berry Street, Unit 611
|
|
2 BD 1 BA 925 SF $925,000
|
|
|
|
|
|
|
|
|
1935-1937 Greenwich Street
|
|
4 BD 6 BA 3160 SF $4,250,000
|
|
|
|
|
|
|
|
1 Hawthorne Street, Unit 6F
|
|
1 BD 1 BA 504 SF $510,000
|
|
|
|
|
|
|
Recent Sales / In Contract
|
|
|
|
|
|
|
|
|
|
3 BD 2 BA 2250 SF $3,000,000
SOLD
|
|
|
|
|
|
|
|
280 Spear Street, Unit 23C
|
|
2 BD 2 BA 1204 SF $1,589,000
SOLD
|
|
|
|
|
|
|
|
|
555 Fulton Street, Unit 427
|
|
1 BD 1 BA 728 SF $749,000
IN CONTRACT
|
|
|
|
|
|
|
|
355 Bryant Street, Unit 409
|
|
1 BD 2 BA 1629 SF $1,350,000
SOLD
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|