Hi everyone, here's your quick San Francisco real estate market update! 🏠🔭
The State of the Market
Despite higher interest rates, home prices in the U.S. are still on the upswing. The Case-Shiller Index reported a 6.4% annual gain in February, up from 6.0% in January.
San Francisco Follows Suit
Fresh MLS data for San Francisco shows a similar trend in April, with the city's median sale price up 6.5% annually. This price appreciation comes amid elevated mortgage rates and a dwindling likelihood of rate cuts in the near term.
Keep in mind that the hyperlocal SF market, neighborhood to neighborhood and single family to condo, varies wildly.
Demand for Well-Priced Properties
Trends point to a continued demand for well-priced properties in SF. March and April saw more SF listings enter contract than in two years. More new listings, up 16% annually in April, point to sellers coming back to the market too.
Slow Trudge Back to 'Normal'
Overall, it's a slow trudge in the right direction back to a healthy market activity level in SF. This process could be sped up or slowed down, depending on economic news and its impact on mortgage rates and stocks.
A World Apart
Meanwhile in the stratosphere, the ultra-luxury real estate market seems to be disconnected from reality. The popular Odd Lots podcast dives into this "global game of one-upmanship" from billionaire vanity purchases to Mercedes-branded luxury towers.
Check out a fascinating listen on Apple Podcasts: The Ultra Wealthy Have Their Own Separate World of Real Estate
As always, when you have a real estate question, or if a friend wants to buy their next $100M penthouse, give us a shout. 😉
This post was initially featured in the Vivre Real Estate newsletter. Sign up and get it delivered straight to your inbox—no spam or games.
Here are other stories we covered in this edition:
🩰 How a new San Francisco Ballet director turned an opera house into a house party - The SF Standard
🏘️ S.F. prioritized building homes for the ‘missing middle.’ 80% of units sit empty - SF Chronicle
💸 SF office sells for a stunning 90% discount from 2016 price - SF Chronicle
🥇 San Francisco is earning high ratings for being desirable — but don’t tell its critics - SF Examiner
🎸 SF’s Brand New Live Outdoor Concert Series w/ 21 Free Concerts - Funcheap
