Real Estate Market Update for June 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
As the spring market winds down the typically slower summer months are on the horizon. This spring, we have seen home sales prices recover from the lows of mid-winter, although they remain below peak prices from the spring of 2022.
New listings and sales volumes, while higher than in the winter, remain at historical lows. So far this year, buyer demand has recovered and the average days of market dropped considerably while the percentage of homes selling over list price increased.
Interest rates remained volatile with ups and downs becoming the new normal. As of early June, fixed-rate 30-year mortgages are about a quarter percent below 7%, but are changing quickly. With stocks posting gains and the debt ceiling drama behind us, financial markets may be poised to stabilize a bit more in the coming months.
House Price Trends
The median 3-month rolling house sales price in May was down about 19.5%, but has been climbing in recent months. Similarly, the median price per square foot was down about 14% in May, but has also climbed from earlier this year.
Condo Price Trends
The median condo sales price in May was down about 11.5% and the median price per square foot was down 13.5%, but both figures have been increasing in recent months.
New Listings Coming on Market
Year over year, the volume of new listings in May was down 33%. As of June 1, 32% of the active and coming soon listings for sale were houses and 68% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
Monthly Sales Volume
Comparing the volume of sales to last year, sales in May of 2023 were down about 35%, and were lower than in 2021 as well.
Price Reductions on Active Listings
Sales Over List Price
Generally speaking, on average, houses are selling well above asking price while condos are slightly below. In May, the percentage selling over list price of houses was 63% and for condos, co-ops, and TIC’s the percentage selling over was 41%.
Average Days on Market
While houses continue to have lower average days on market, the speed of sales for both condos and houses has increased in recent months.
Mortgage Interest Rate Trends
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.
