I hope you are having a fun and relaxing summer thus far.
Despite the low inventory, the spring season was quite busy, especially for single family homes.
I experienced the market from both sides, representing buyers and sellers. It can be challenging to be a buyer in this market with multiple offer situations being very common. One property in Forest Hill Extension received 27 offers. Another in Noe Valley sold for $1 million over the asking price! Inventory is limited, so it’s common for buyers who really want a home to offer much more for homes than the recent sales of similar properties may indicate.
On the listing side, my last listing received 10 offers and will sell for more than $500,000 over the asking price. Tomorrow I will look at offers on a fixer Victorian that I have listed in Noe Valley (which has essentially been in the same family since it was built). I’ll let you know how it goes in my next newsletter : )
As always, feel free to give me a call for all things real estate or just to say hi!
Cheers,
Pota
Pota’s listing corner
Sunnyside
378 Mangels Avenue
3 BD 1 BA 1071 SF $1,149,000
3 BR on one level! This charming and inviting mid-century home nestled in the coveted Sunnyside neighborhood is the perfect blend of comfort, convenience, and style.Step inside to discover an inviting living room infused with abundant natural light and southern views, adjoining dining area, updated kitchen and bath, hardwood floors, large garage with plenty of storage, front and rear yards. Upgrades include: freshly painted inside and out, dual pane windows, and recently re-done electrical wiring.The chef-inspired kitchen features stainless steel appliances and ample cabinetry. The convenient location enjoys proximity to an array of amenities. Sunnyside Playground and Glen Park are nearby for leisure and outdoor enjoyment. At Glen Park Village, enjoy easy access to shops and restaurants. Fulfill daily needs effortlessly with Safeway and various stores and restaurants along Monterey Blvd just moments away. Commuting is a breeze with nearby public transit including Glen Park Bart and MUNI lines. Proximity to highways further enhances accessibility to the wider Bay Area.
North Panhandle
1735 McAllister Street
2 BD 1 BA 1350 SF $1,650,000
On the market for the first time in almost 50 years, this enchanting home, located in sought-after NOPA, exudes a timeless elegance with its picturesque Victorian exterior paired with the convenience of urban living. The remodeled interior features high ceilings, ornate mouldings, and hardwood floors throughout. The spacious living room and dining room provide the perfect setting for gatherings and entertaining, while the remodeled kitchen w/alder cabinets offers both style and functionality. Enjoy leisurely mornings in the cozy breakfast nook tucked behind the kitchen. Step out onto the walk-out deck and soak in the sunshine while you relax and unwind in the tranquility of the beautifully landscaped southern garden, adorned with a vibrant array of flowers and shrubs.Two comfortable, well-appointed bedrooms, a remodeled bath, and in-unit laundry complete this level. Large garage with storage, and much more. With pride of ownership evident throughout, this home has been lovingly maintained and cared for. An array of amenities, including the bustling Divisadero corridor, the lush greenery of the Panhandle, and the vibrant local farmer’s market are close by. Easy access to public transportation and shuttles.
Eureka Valley-Dolores Heights
674 Noe Street
3 BD 1 BA 1755 SF $1,600,000
On the edge of the Castro and Noe Valley, this untouched Victorian home is calling out with opportunity. First time on the market in nearly 70 years, now is the chance to make it your own. With an abundance of original detail, the main level showcases high ceilings including one bedroom, the living room, formal dining room, kitchen, laundry area and extra sunroom. The upper level has two rooms, one having a beautiful view of Eureka Valley, as well as the full bathroom. There is one car parking in the garage along with expansive extra space for storage or build out as part of a renovation. Just a few blocks from Market St. MUNI, commuter shuttles and all the restaurants/shops the neighborhood has to offer. 98 Walk Score.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Happy Autumn! I hope this finds you well and enjoying the beautiful sunny days we've been having.
It's hard to generalize the state of the current real estate market. Some properties just sit and others sell as soon as they are listed. The difficulty in getting property insurance has been an obstacle for many transactions. The higher interest rates reduce the affordability of properties which has a downward impact on prices. That said, there are many all-cash buyers who are in the market as well.
In the past few weeks I have had 5 closings, all over the city and one in Daly City. 4 of the 5 were all cash. The buyer profiles of the all-cash buyers varied: Parents buying for their children (and children buying for their parents), young couples looking to expand their living space for their growing families. Getting insurance was an issue, but not an insurmountable one.
Please click on the image or button below to access this month's full report. There are also a few charts contained within this newsletter.
I try not to inundate your inboxes, so I only send the reports once every few months. But they do come out monthly. If you ever want to see the current report, just go to www.sfcityhomes.com.
As always, please call with real estate questions or just to say hi!
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as "active listings," "days on market," and "months supply of inventory" – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as "active listings," "days on market," and "months supply of inventory" – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
On a quiet street in a central location, this top-floor condominium enjoys a pano view roof deck+hot tub, 2BR, 2BA, sunroom, in-unit W/D, 1PK/EV fast charger, and storage in coveted Nopa. Boutique two-unit building. Luxurious urban retreat w/open floorplan and contemporary aesthetic. Abundant natural light from large, west-facing windows and multiple skylights. Gourmet kitchen equipped with Bertazzoni Italia gas range, Bosch dishwasher, custom kitchen cabinets, granite counters, and breakfast bar, with additional breakfast area/office nook. Both bedrooms and the sunroom enjoy downtown views.Spectacular, exclusive-use roof deck with awe-inspiring views of San Francisco and its iconic skyline.High quality finishes. Brazilian cherry hardwood floors, gas fireplace, high ceilings, glass tile baths, and glass tile mosaic backsplash in the kitchen, smart home with gigabit internet and Ethernet outlets in every room, pre-wired for surround-sound speakers in the living room. Extensively renovated in the early 2000's. Close to dining and entertainment of Divisadero Corridor, Cole Valley, and Haight Street. Near Golden Gate Park and Panhandle for outdoor activities and relaxation. Experience the best of city living with luxurious amenities, stunning views, and prime location.
2 Bedrooms, 2 BA, Sunroom
Exclusive use panoramic view roof deck with hot tub
Gourmet kitchen with granite countertops, Jenn Air hood and refrigerator, Bertazzoni Italia gas range, Bosch dishwasher, custom kitchen cabinets
Modern Rumford style gas fireplace with granite surround
Multiple skylights
Glass tile baths and glass tile mosaic backsplash in kitchen
Brazilian cherry hardwood floors
Pre-wired smart home with integrated premium ceiling speakers for whole house audio, wired for surround sound speakers in living room
High capacity washer and dryer in the unit
1 car sxs parking with EV charger
Storage area
No HOA dues (expenses paid as incurred)
Recent Additions (since 2018)
New high-end 630ft Redwood roof deck that wraps around the penthouse for sweeping views of downtown, Mt. Sutro, walk-on skylights, modern glass railing
New roof (fall 2022)
Smart home upgrades: Six 2nd Gen “Nest Protect” smoke and Carbon Monoxide sensors, August smart lock, Ring video doorbell, security cameras (garage), smart thermostat, app-controlled garage opener, Lutron smart window blinds
Gigabit Internet with Ethernet outlets in each room
Stylish luxury Bullfrog STIL5 spa on the roof, highly energy efficient, smart-connected
High end kitchen and bathroom faucets
Smart “ChargePoint” high-voltage fast electric vehicle charger in the garage
On a quiet street in a central location, this top-floor condominium enjoys a pano view roof deck+hot tub, 2BR, 2BA, sunroom, in-unit W/D, 1PK/EV fast charger, and storage in coveted Nopa. Boutique two-unit building. Luxurious urban retreat w/open floorplan and contemporary aesthetic. Abundant natural light from large, west-facing windows and multiple skylights. Gourmet kitchen equipped with Bertazzoni Italia gas range, Bosch dishwasher, custom kitchen cabinets, granite counters, and breakfast bar, with additional breakfast area/office nook. Both bedrooms and the sunroom enjoy downtown views.Spectacular, exclusive-use roof deck with awe-inspiring views of San Francisco and its iconic skyline.High quality finishes. Brazilian cherry hardwood floors, gas fireplace, high ceilings, glass tile baths, and glass tile mosaic backsplash in the kitchen, smart home with gigabit internet and Ethernet outlets in every room, pre-wired for surround-sound speakers in the living room. Extensively renovated in the early 2000's. Close to dining and entertainment of Divisadero Corridor, Cole Valley, and Haight Street. Near Golden Gate Park and Panhandle for outdoor activities and relaxation.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as "active listings," "days on market," and "months supply of inventory" – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as "active listings," "days on market," and "months supply of inventory" – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Our spring market has been very active. For reasons described below, there has been little inventory and high demand, especially for single family homes.
In my own experience, working with both buyers and sellers, every sale I’ve been involved in this year had multiple offers and overbidding. I don’t see that many cash offers, but there are a few. Some buyers are putting as little as 10% down while others are putting 60% down or more.
San Francisco has so many micro-markets, general statistics can only go so far. If you have questions about a particular market segment, please give me a call. And if you need a referral outside of SF, I have an excellent Realtor referral network I can tap into for you.
I hope you have a great summer ☀️
Pota
Pota’s real estate corner
Representing buyer
Potrero Hill
588 De Haro Street
3 BD 3 BA 1585 SF $2,275,000
Fantastic Views! This new construction condo in a boutique 2 Unit, features Bay Bridge & downtown SF views, 3 decks & 3 levels of living space. The entry level foyer w/ coat & storage closets leads to 2 bedrooms at the back of the property overlooking landscaped gardens. A full bathroom & generous laundry closet complete this level. The bright main living area on the next level opens to a gorgeous kitchen w/stone countertops, stainless steel sub zero refrigerator, wolf range & dishwasher. This open concept level includes a dining space with picture window framing the city skyline view and features wall to wall glass doors which stack to open to a patio with North city and Bay view, perfect for indoor/outdoor entertaining. The next level features a powder bath, and a large primary bedroom with en suite custom stone tiled bath and double vanity. Glass doors open to a small private outdoor space. This room features views of downtown skyline. Stairs up from this level lead to the roof deck w/ North City and Water views! Radiant heat & water harvesting landscape system. Deeded Parking for 1+ car(s) Storage. 97% walk score.
Central Waterfront-Dogpatch
950 Tennessee Street, Unit 302
1 BD 1 BA 959 SF $995,000
This extremely bright end-unit is waiting to welcome you home in one of San Francisco's fastest growing neighborhoods. You'll find one generously sized bedroom with floor-to-ceiling windows and a flexible den space that can be used as a second bedroom or office space. The living room, dining room and kitchen are combined in an open floor plan and the flow between them is sensical and spacious. Modern Danish-inspired charm casts a comfortable yet elegant vibe throughout the unit. Want to enjoy the skyline views? Head up to the shared rooftop deck with built-in BBQ, firepits, and unencumbered SF scenery. Upgrades include new light fixtures, custom mechanized blinds and California Closets. Parking is a breeze with your own reserved spot in a secure garage with interior access via elevator. A daytime lobby attendant welcomes your guests and securely receives and stores packages. Amenities in the neighborhood are nearly too plentiful to list with something for everyone: Esprit and Crane Cove Parks for those looking for outdoor space; the new Restoration Hardware joins a plethora of established local restaurants for the food-seekers; and, just blocks away are Chase Center and Oracle Park for the sports fans. Come catch the city vibe!
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as "active listings," "days on market," and "months supply of inventory" – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Hello and happy Spring! I hope this finds you
well.
This newsletter has links to the following reports:
February 2023 SF real estate
market
Macroeconomic indicators-Bay Area
Bay Area market cycles since 1990
Bay Area market reports
Just click on the image to see a flip book containing the
report. Save this newsletter as the links will always contain the most updated information.
As always, I would love to hear from you to reconnect. If you have any real estate
questions or referral needs, please feel free to reach out. Enjoy the cherry
blossoms!
Best,
Pota
Early 2023 Data
Suggests Buyers Are Beginning to Jump Back In
In the 11-county, greater Bay Area, accepted-offer
activity in December 2022 and closed sales volume in January 2023 generally hit their lowest
monthly points in 15 years.
Typically, after the long holiday slowdown, the market
just begins to wake up in mid-January before accelerating into spring. That being said, inflation
has dropped substantially since June and interest rates since November, home prices are well
down from last spring, stock markets are up 8% (S&P) to 15% (Nasdaq) YTD as of 2/3/23
(albeit with continuing volatility), and despite escalating layoffs in high tech, early indications in
2023 point to rebounding buyer demand. Open house traffic has jumped, more buyers are
requesting listing disclosure packages, and there have been increasing reports of multiple offers
and (often unexpected) overbidding of asking price. Based on this preliminary data (much of it
still anecdotal*), it appears that buyer demand severely repressed by economic conditions in the
2nd half of 2022 has begun to bounce back.
A similar rebound began in
mid-late summer 2022 for similar reasons – a significant drop in mortgage rates and a large rise
in stock markets – which then quickly faded when positive economic developments went into
reverse. Market activity then slowed further through the rest of 2022. There are currently
considerable hopes for a more lasting economic recovery in 2023.
During the long
high-tech and pandemic housing boom – which peaked in April/May 2022 – as each year
began, the classic dynamic was for buyers to jump back into the market much more quickly than
sellers, creating an immediate imbalance between supply and demand. Too few new listings
compared to the quantity of motivated buyers sparked often ferocious bidding wars, leading to
considerable home price gains virtually every spring. It is too early to conclude, after the general
price declines and steep drops in market activity seen in the 2nd half of 2022, that a sustained
recovery in market conditions is now underway, and if it is, how quickly it will develop and its
impact on prices in 2023. Many economic conditions remain challenging – with critical indicators
still much weaker on a year-over-year basis – and forecasts by economists and analysts vary
widely. Hopefully, economic conditions will continue to improve, providing the foundation for the
recovery in real estate. In the meantime, preliminary indicators are surprisingly positive.
February and March listing and sales data will begin to better reflect early 2023
conditions.
Click on image below for the SF February 2023
Report
Click below for Bay Area Market Reports
(These links are continuously updated for the most recent
information)
Click on image below for Macroeconomic indicators related to Bay
Area Real
Estate
(Mortgage rates,
inflation and more)
Click on image below for Bay Area
market cycles since 1990
Click on
image below for Bay Area Population and Migration Data
Pota Perimenis is committed to providing an accessible website. If you have difficulty accessing content, have difficulty viewing a file on the website, or notice any accessibility problems, please contact us at (415) 407-2595 to specify the nature of the accessibility issue and any assistive technology you use. We strive to provide the content you need in the format you require.
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