Real Estate Market Update for September 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
The fall season begins after Labor Day and runs until early-mid November, when the market typically begins its the mid-winter holiday slowdown, with December usually seeing the lowest level of monthly sales activity. Historically speaking, September is often the single month of the year with the highest number of new listings and next month’s data will likely indicate an increase in inventory. Sales volume was lower in August of this year than the previous four years.
House Price Trends
Condo Price Trends
New Listings Coming on Market
Of the listings for sale as of September 1, 33.5% were houses and 66.5% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
Sales Over List Price
Houses continue to sell above asking price more often than condos. On average, houses are selling 7% above asking price while condos sell at about 2.5% below asking price. Of the properties selling over list price in August, 66% were houses and 30% were condos, co-ops and TICs.
Average Days on Market
Reflecting the usual summer slowdown in activity, days on market increased for both condos and houses in August, although days on market for houses is still significantly lower than for condos.
Mortgage Interest Rate Trends
In August, the average, weekly, 30-year mortgage rate, as published by FHLMC, ticked back up over 7%.
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.
