Real Estate Market Update for March 2022
What’s New in San Francisco Real Estate
Analytics and charts from Compass
So far, the real estate market in San Francisco seems largely unfazed by climbing interest rates, financial market volatility, and a troubling geopolitical environment. There is still strong buyer demand and limited inventory, even as the number of homes on the market has increased, as is typical in the spring.
Home Sales Volume by Month
As we typically see, the number of homes sold is steadily increasing as we get further along in the year. Sales are expected to continue to climb through March, and typically peak in May or June before the slower summer months.
New Listings on the Market
Supply of Inventory by Price Segment
Median House Sales Prices
Median sales prices for both homes and condos were much higher than at the same time last year.
Median Condo Sales Prices
Average Sales Price to List Price
Reflecting ongoing demand, the average sales price to list price in February for single family homes exceeded 120%.
Average Days on Market
As the spring market heats up, we are seeing sales closing at a faster pace faster, particularly for single family homes.
Home Value Appreciation
Mortgage Interest Rates
Earlier this month, the average 30-year interest rate dropped slightly to 3.76%. But the 30-year mortgage rate exceeded 4% for the first time since May of 2019, coming in at 4.5% the week of March 21. The Federal Reserve is raising short-term rates and with the potential for further increases we will likely see mortgage rates continuing to rise this year.
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.
