Halfway through 2023 and what a ride it's been, so let’s check in with San Francisco Bay Area real estate for a mid-year market update from your favorite top SF Realtors. 😉
+ Don't miss our First-Time Homebuyer Webinar on July 11! 📆 Details below.
First off, the numbers. After reaching a record-high $1.6M last spring then falling to a winter low around $1.25M, the median home sale price has regained ground in San Francisco, ending just under $1.45M in June per SFAR agent-reported data. Keep in mind, this recent price appreciation happened under the highest mortgage-rate environment in more than a decade. How the heck did that happen?
Two reasons. One, the market shifts with the seasons, with median sale price typically reaching its annual high in spring and its low in winter.
There's also a housing shortage—maybe you've heard?
While the number of home sales fell in SF so far in 2023, down more than 30% compared to the first half of 2022, so did new listings coming to market. With so many homeowners sitting on a 3% mortgage, some would-be sellers decided to stay in their home this spring rather than sell and buy what they want at double the interest rate.
In other words, reduced supply has softened the impact of reduced demand, creating a market in 2023 that is cooler but not unfamiliar. Home prices are steadily rising, and buyers face competition for listings that are located, priced and presented well. Some bits of SF are still struggling, but in wide swaths of the city real estate is back to normal.
Every single one of Danielle's listings this year has had multiple offers from people eager to buy property in the city. (Most recently with five over asking price.) And it's not JUST her pricing and home styling skills and amazing marketing team...😎✨ Despite the inflammatory headlines, clearly someone still wants to live here. And even as mortgage rates fluctuate—see the last article below—for the most common loans in our market, rates are actually under 6%.
Knowing this, is it a good or bad time to make a move? As we like to say, there’s no one-size-fits-all answer to real estate. These questions are deeply personal. But if mortgage rates are all that’s stopping the market from snapping back into Crazy Mode™, and the timing feels right for you, does it sound like a bad time to consider your options?
We also have a special event coming soon to help you and any prospective homebuyers in your life!
Join us live in Zoom, this Tuesday, July 11th, where Vivre's own Katie Funk will be sharing her practical wisdom and guiding first-time buyers through the wilds of the SF Bay Area real estate market. It’s presented by Katie's UofM Alumni group but free and open to anyone, so sign up now to save your seat!
What Became of San Francisco’s Initiative To Build Housing on Parking Lots? - SF Standard
Think of Light Fixtures as ‘Large-Scale Jewelry,’ Says Designer Scott Richler - Mansion Global
How You Can Fight Housing Discrimination: A Q&A With Author Leah Rothstein - Realtor.com
Mortgage rate soars to 7.22% after strong economic data - CNBC
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