Real Estate Market Update for January 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
December saw a seasonal dip in activity in the market, which is typical for this time of year. The period just before the Thanksgiving holiday through the end of the year usually sees the lowest level of listings and offer acceptance; it would be premature to make definitive conclusions about market trends from the most recent numbers.
The early spring market, which typically sees an uptick in activity, will provide a more realistic indicator of where the market is heading. Things are definitely in a period of adjustment, and, in between now and the spring, it is likely macroeconomic conditions will continue to fluctuate.
Monthly Sales Volume
Looking at longer term trends, the spring of last year saw the highest sales volume in over 16 years, and 2021 saw the highest 12-month sales volume in at least 18 years.
Home Sales Volume - Longer Term Trends
As the market readjusts to the current economic climate, we are seeing a decrease in activity from the high point in the spring of 2021. Sales in 2022 were down approximately 26% from the high point in 2021.
House Price Trends
In Q4 of 2022, the median house sales price was down about 13.5% from Q4 in 2021.
Year over year, the 2022 median house sales price was down about 1% from 2021.
Condo Price Trends
In Q4 of 2022, the median condo sales price was down about 12.5% from Q4 in 2021.
Year over year, the 2022 median condo sales price was down about 2% from 2021.
Home Value Appreciation
On a year over year basis, Q4 2022 median price per square foot values were down about 8.5% for houses and 9.3% for condos.
Listings Accepting Offers
Average Sales Price to List Price
Sales Over List Price
Average Days on Market
Days on market has increased considerably since the spring, but houses continue to sell much faster than condos.
Mortgage Interest Rate Trends
As of January 5, per Freddie Mac, the weekly average, 30-year interest rate was 6.48%, a slight increase from the previous month.
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.
