Hello there, fellow SF real estate adventurer. We have many updates for you this week!
Let’s dive right in.
As of October, the 3-month median sale price for SF single-family homes was $1,605,000. That’s down about 2% from last year and 11% below the same period in 2021. Depreciation rates are nearly identical among SF condos, down 3% since 2022 and 11% since 2021.
On the market, supply of single-family listings has increased to 2.6 months, still a “seller’s market” as commonly defined by under 3 months of supply at the current pace of new listings/sales. Condo supply, at 5 months in October, has drifted upward in “balanced market” territory of 3-6 months.
Much depends on interest rates and the stock market. With median sale price on the rise in October and mortgage rates currently cooling, we may see a relatively busy winter for home sales. (More on that below! ☃️)
Also, note that these are general, SF citywide trends per SFAR agent-reported data; certain locations and property types have fared better or worse. If you are curious about your specific property, or one you want, let's chat.
(By the way... Happy Thanksgiving! 🦃)
In our real estate environment, where consumers (and many agents) are conditioned by a decade of non-stop price appreciation, a softer market may not inspire confidence. Yet, if you are looking to upgrade your living arrangements or buy your first property, it may be the smart time to do so.
Food for thought:
There are other factors to consider—including mortgage rates on the downside, and future price appreciation on the upside—but for many homeowners and first-time buyers, it makes more sense ($) to buy the home you want when the market is cooler. And if you’re still kicking yourself for not buying back in 2019, 2018, even 2015 in the case of some condos, well, now’s your chance. Read more on our blog.
👉 Upgrading Homes in SF? Here’s Why You Should Trade Up in a Down Real Estate Market
For those serious about selling, some tips. First, the common SF Realtor wisdom that you must move out and stage your listing to get top dollar is not entirely true. When it comes to pre-listing home prep, there is a spectrum, from selling as-is to the whole nine yards.
What's right for you depends on your personal situation. Suffice to say, there are plenty of ways to improve your outcome without jumping through every hoop. Number one? Price it right. See more on our blog.
👉 No Move, No Problem: 5 Tips to Sell Your San Francisco Home Without Moving and Staging
Keen-eyed readers may sense a trend: conventional wisdom is not always so wise. Here’s another timely tip for prospective sellers, a throwback to last year’s blog about the best time to list your home. The truth is, in San Francisco real estate, the early bird often gets the worm!
👉 Best Time to Sell a Home in SF? Try Winter, Not Spring
Last but not least, let's talk about wire fraud. With our high property values and fast-paced market, SF Bay Area real estate transactions are a prime target. Our latest blog covers the key facts to know about wire fraud, how it happens, and the best ways to protect yourself when buying a home.
👉 Wire Fraud San Francisco: Protecting Your Real Estate Investments
And if that's not enough to keep you busy, there’s much more to explore below!
As always, please don’t hesitate reach out with any real estate questions. We are happy to assist you and anyone you send our way. Click here to contact us.
Cooler monthly inflation report pushes mortgage rates even lower - CNBC
A new tool to counter California's housing crisis: AI - Semafor
Will a historic lawsuit change how we buy and sell homes in the Bay Area? - SF Chronicle
Ten designs and buildings that reduce the impact of environmental hazards - Dezeen
A new breed of companies expand in San Francisco’s prime areas - TechCrunch
Biden, Xi meet for APEC at Bay Area mansion that made soap opera history - SFGATE
Can You Negotiate During Escrow Buying a Home in San Francisco? Absolutely! - VivreRealEstate.com
Investing in Real Estate for Your Adult Children - DanielleLazier.com
While you’re here, why not sign up for email newsletter to stay up to date? Get all our latest updates, events, local real estate news, market insights, arts and culture, delivered free of charge to your inbox. No spam or games, either; just the SF Bay Area info you crave! 😎 Sign up below, and keep in touch.
