Real Estate Market Update for December 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
Home Sales Volume and Prices
House Price Trends
Year over year, the median sales price for houses in October 2023 was down about 1.5%.
Condo Price Trends
Year over year, the median sales price for condos in October 2023 was down nearly 8%.
New Listings Coming on Market
New listings dropped in October on the heels of the surge in inventory in September. As is typically the case, we expect to see new listings decline to their low point in December.
As of December 1, of the listings for sale, 28% were houses and 72% were condos, co-ops, TICs, and townhouses.
New Listings and Home Sales Volume - Longer Term Trends
The number of new listings and sales are at their lowest points since the great recession. As the gap between these two lines get smaller, there is greater pressure on prices.
Active Listings on Market - Longer Term Trends
Price Reductions on Active Listings
Price reductions typically peak in October before the winter holiday slowdown starts in mid-November.
Overbidding List Prices
The percentage of houses selling over list price in November was 63% while for condos, co-ops and TICs, 31% sold over list.
On average, houses are selling 4.5% above asking price and condos are selling about 3.5% below.
Days on Market
Houses continue to have significantly lower days on market than condos.
Mortgage Interest Rate Trends
As of November 30, the weekly average 30-year interest rate declined to 7.22%. On December 15, after the Federal Reserve made its announcement of likely rate decreases in 2024, mortgage rates dropped significantly, with the average rate on a 30-year fixed loan at 6.64%.
The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information.
