This year has seen unexpected twists to the SF real estate landscape, leaving both buyers and sellers on edge thus far in 2023.
The number of single-family home sales is down approximately 33% and condos have seen a dip in the number of sales of around 43% compared to last year, causing sellers to tread cautiously. Many are holding back due to financial and/or emotional ties to low interest rates and uncertainty about the market's future.
However, buyers are defying the odds and actively pursuing desirable listings, resulting in multiple competitive offers that often surpass price expectations and make it seem like it's the first half of 2022 again! As of June, the median SF condo sold at list price—its best showing since July of '22—and SF house sellers received a median 7% over asking. All of our listings have sold well over the asking price with multiple offers. (So far in 2023, Danielle's listings have received an average 19% above list price.)
Keep in mind that citywide data is too large of a data set to be particularly helpful. As we know, here in SF each micro-hood has a totally different dynamic. If you want to discuss your individual situation, let’s schedule a 20 minute “real estate review” via Zoom.
SF Market Snapshot: June 2023
Working in the trenches with SF Bay Area home buyers and sellers, we’ve witnessed this dynamic firsthand. The new normal of mortgage interest rates has become an integral part of buyers' strategies, while sellers perceive the situation as dire and are hesitant to act. It's essential to take a step back and consider the bigger picture of your life when making decisions in this market.
Despite the challenging landscape, buyers are finding opportunities that align with their long-term goals. Don't let fear dictate your actions, but rather focus on what truly matters for your future.
To successfully navigate this hella confusing market, communication with a trusted Realtor is key. Together, we can find your soft landing in this ever-changing landscape.
As always, please don't hesitate to reach out with any real estate questions. We are happy to help you and anyone you send our way!
With Office Workers Gone, Can Fun Bring Back Downtown San Francisco? - SF Standard
Case Study Before/After: Transforming a Home into Seller's Success Story - DanielleLazier.com
What Happens After the U.S. Economy’s Soft Landing? - Harvard Business Review
What Might a Disaster-Proof House in California Look Like? - New York Times
Four AI firms expand offices in S.F., lifting the struggling real estate market - SF Chronicle
Designers Corner: Tips for Going Gold or Silver in Kitchens and Baths - Mansion Global
Home Insurance Shakeup: Should San Francisco Bay Area Homebuyers Worry? - DanielleLazier.com
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