Statistical Tables | | The Unofficial End?
| Trends at a Glance | |||
| (Single-family Homes) | |||
| Aug 23 | Jul 23 | Aug 22 | |
| Home Sales: | 137 | 151 | 183 |
| Median Price: | $ 1,575,000 | $ 1,450,000 | $ 1,600,000 |
| Average Price: | $ 1,951,150 | $ 1,830,962 | $ 1,938,756 |
| SP/LP: | 105.0% | 105.2% | 106.5% |
| Days on Market: | 31 | 25 | 25 |
| (Lofts/Townhomes/TIC) | |||
| Aug 23 | Jul 23 | Aug 22 | |
| Condo Sales: | 144 | 160 | 231 |
| Median Price: | $ 1,105,750 | $ 1,145,000 | $ 1,010,000 |
| Average Price: | $ 1,229,808 | $ 1,222,515 | $ 1,128,539 |
| SP/LP: | 98.6% | 99.4% | 100.4% |
| Days on Market: | 59 | 53 | 51 |
The median sales price for single-family, re-sale was up 8.6% in August from
July. It was down 1.6% year-over-year.
The average sales price for single-family, re-sale homes was up 6.6%
month-over-month. Year-over-year, it was up 0.6%.
Sales of single-family, re-sale homes fell 25.1% year-over-year. There were 137
homes sold in San Francisco last month. The average since 2000 is 214.
The median sales price for
condos/lofts
was up 9.5% year-over-year.
The average sales price was up 9% year-over-year.
Sales of
condos/lofts
fell 37.7% year-over-year. There were 144
condos/lofts
sold last month. The average since 2000 is 230.
The sales price to list price ratio, or what buyers are paying over what sellers
are asking, fell from 105.2% to 105% for homes. The ratio for condos/townhomes
fell from 99.4% to 98.6%.
Average days on market, or the time from when a property is listed to when it
goes into contract, was 31 for homes and 59 for condos/lofts.
Sales momentum…
for homes fell from –42.2 to
–42.4. Sales momentum for condos/lofts was down 2.5 points to –68.2.
Pricing momentum…
for single-family homes rose 1.2
points to –16.8. Pricing momentum for condos/lofts rose 1.9 points to –8.
Our momentum statistics are based on 12-month moving averages to eliminate
monthly and seasonal variations.
If you are planning on selling your property, call me for a free comparative
market analysis.
momentum by using a 12-month moving average to eliminate seasonality. By comparing this year's 12-month moving average to last year's, we get a percentage showing market momentum.
the blue area shows momentum for home sales while the red line shows momentum for pending sales of single-family, re-sale homes. The purple line shows momentum for the average price.
As you can see, pricing momentum has an inverse relationship to sales momentum.
The graph below shows the median and average prices plus unit sales for homes.
Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. For complete information on a particular neighborhood or property, call me.
P.S. The FHA requires all condo projects to be re-certified before they will make a loan. To find out if the condo project you're interested in is eligible, go here: https://entp.hud.gov/idapp/html/condlook.cfm.
The graph below shows the median and average prices plus unit sales for condos/lofts.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
If I can help you devise a strategy, call or click the buying or selling link in the menu to the left.
Complete monthly sales statistics for San Francisco are below. Monthly graphs are available for each area in the city.
| August Sales Statistics | |||||||||||
| (Single-family Homes) | |||||||||||
| Prices | Unit | Yearly Change | Monthly Change | ||||||||
| Median | Average | Sales | DOM | SP/LP | Median | Average | Sales | Median | Average | Sales | |
| San Francisco | $1,575,000 | $1,951,150 | 137 | 31 | 105.0% | -1.6% | 0.6% | -25.1% | 8.6% | 6.6% | -9.3% |
| D1: Northwest | $2,000,000 | $2,410,818 | 11 | 13 | 100.7% | 3.5% | -3.8% | 10.0% | 0.0% | 23.6% | 0.0% |
| D2: Central West | $1,556,500 | $1,640,085 | 34 | 29 | 109.3% | -1.0% | -1.7% | -5.6% | 4.4% | 6.6% | 0.0% |
| D3: Southwest | $1,104,000 | $1,207,714 | 7 | 23 | 110.4% | -20.5% | -14.7% | -61.1% | -12.7% | -8.2% | -41.7% |
| D4: Twin Peaks | $1,700,000 | $1,849,471 | 17 | 30 | 103.7% | -9.3% | -7.6% | -34.6% | -11.7% | -12.5% | -15.0% |
| D5: Central | $2,250,000 | $2,421,833 | 15 | 55 | 101.2% | -25.6% | -21.0% | -44.4% | -16.1% | -6.0% | -16.7% |
| D6: Central North | $3,250,000 | $3,225,000 | 4 | 41 | 102.0% | 66.5% | 41.4% | 0.0% | n/a | n/a | n/a |
| D7: North | $5,250,000 | $5,107,286 | 7 | 58 | 101.8% | 56.7% | 46.2% | 16.7% | 0.0% | -22.3% | 75.0% |
| D8: Northeast | $0 | $0 | 0 | 0 | 0.0% | n/a | n/a | n/a | n/a | n/a | n/a |
| D9: Central East | $1,575,000 | $1,842,767 | 15 | 23 | 107.9% | -5.1% | 0.7% | -11.8% | 6.8% | 11.4% | 7.1% |
| D10: Southeast | $1,200,600 | $1,182,424 | 25 | 20 | 108.8% | 6.7% | 1.4% | -39.0% | 4.2% | 1.4% | -30.6% |
| August Sales Statistics | |||||||||||
| (Condos/TICs/Co-ops/Lofts) | |||||||||||
| Prices | Unit | Yearly Change | Monthly Change | ||||||||
| Median | Average | Sales | DOM | SP/LP | Median | Average | Sales | Median | Average | Sales | |
| San Francisco | $1,105,750 | $1,229,808 | 144 | 59 | 98.6% | 9.5% | 9.0% | -37.7% | -3.4% | 0.6% | -10.0% |
| D1: Northwest | $1,390,000 | $1,528,125 | 8 | 25 | 103.7% | 14.4% | 22.0% | -27.3% | -0.7% | 6.7% | -11.1% |
| D2: Central West | $687,896 | $687,896 | 2 | 51 | 99.3% | -14.5% | -21.2% | -33.3% | n/a | n/a | n/a |
| D3: Southwest | $1,465,000 | $1,465,000 | 1 | 16 | 97.7% | 14.0% | 14.0% | -50.0% | 139.9% | 139.9% | -50.0% |
| D4: Twin Peaks | $535,000 | $580,689 | 4 | 38 | 99.1% | -33.1% | -27.4% | 300.0% | -23.8% | -17.3% | 100.0% |
| D5: Central | $1,475,000 | $1,388,163 | 25 | 43 | 100.0% | 8.1% | 6.1% | -26.5% | 18.2% | 10.5% | -10.7% |
| D6: Central North | $1,300,000 | $1,217,038 | 17 | 50 | 100.0% | 14.8% | 2.4% | -50.0% | 36.8% | 24.1% | 0.0% |
| D7: North | $1,400,000 | $1,817,333 | 12 | 54 | 96.7% | 16.7% | 35.4% | -47.8% | -11.4% | 3.8% | -33.3% |
| D8: Northeast | $1,032,500 | $1,106,391 | 24 | 66 | 99.6% | 22.9% | 11.3% | -38.5% | -13.8% | -16.0% | -33.3% |
| D9: Central East | $850,444 | $1,131,305 | 46 | 75 | 96.2% | -8.6% | 3.0% | -33.3% | -6.0% | 8.9% | 0.0% |
| D10: Southeast | $818,000 | $781,724 | 5 | 79 | 99.2% | 31.9% | 13.6% | -54.5% | 7.7% | 2.9% | 150.0% |
Sep 1, 2023 -- Just as Memorial Day is
the unofficial start of summer, Labor Day is its unofficial end. Technically,
summer doesn't start for about three weeks after the last Monday in May and
doesn't end until about three weeks until after the first Monday in September,
but regardless of hard dates or definitions, it's generally agreed that the end
is somewhere around now.
After investor concerns and disagreements over the summer as to whether the
Federal Reserve is or isn't done raising interest rates, the most recent sets of
inflation and labor market data are starting to suggest that we may be at least
at an unofficial end of rate hikes. Now, that's not to say that interest rates
will soon be lowered, or that there's a zero chance of another quarter-point
hike yet to come. Even in September, it's not uncommon to have a heat wave as
the season shifts, but no one would suggest that the inevitable end of summer
was somehow suspended. In the same way, we may yet see less favorable readings
on inflation or an unexpected bump in hiring, but it's starting to feel as
though a slowing trend for the economy may be sufficient to see the Fed turn to
a more sustained pause.
Outlays for construction projects expanded smartly in July, rising 0.7%. With
housing starts powering higher, spending on residential projects rose by 1.4%
for the period, a third consecutive solid gain. This was joined by a 0.5%
increase in spending on non-residential projects, rebounding after a like-sized
decline in June, but not by public-works projects, which retreated by 0.4%, the
first decline in government-backed spending since May 2022. With plenty of
infrastructure repairs and improvements needed, the dip in spending for this
segment is probably just a one-time downward blip.
We know that new residential construction has been supported by a lack of houses
available to buy in the existing home market. That perhaps makes it a little
surprising that the Pending Home Sales Index from the National Association of
Realtors managed a positive mark for July, rising by 0.9%, a second consecutive
monthly increase. That said, the PHSI is still 14% below year-ago levels.
although that's a bit better than it was in June. If they make it to closing,
this measure of contracts signed to purchase should provide a little support for
existing home sales for August or perhaps September, but conditions for buyers
certainly didn't improve much in August, what with mortgage rates kicking to
22-year highs. Such an increase in cost likely means that somewhat more buyers
had no choice buy to rescind offers as affordability declined further during the
month.
Despite rates at multi-decade highs, at least some folks came out to seek
mortgage credit. In the week ending August 25, applications for mortgages rose
by 2.3%, according to the Mortgage Bankers Association. Requests for funds to
buy homes rose by 2%; those to refinance existing loans rose by 2.5%. Of course,
with market activity very subdued overall, it doesn't take much to move the
needle by percentage points, as relatively few additional applications can have
an outsized impact. Still, it's good to see that consumers can and will respond
despite high-rate conditions.
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