Compass Report on The San Francisco Highrise Condo Market
2022 Review of Selected Indicators
Real Estate Market Statistics, Comparing Q4 2022 to Q4 2021
- Quarterly Median House Sales Price: Down 13.5% from Q4 2021
- Quarterly Median Condo Sales Price: Down 12.5% from Q4 2021
- Quarterly Sales Volume: Down 42%
- % of Sales over Final List Price: 43%, down from 66% in Q4 2021
- Avg. Sales Price to Original List Price %: 100% (at list price), down from 108% in Q4 2021
- Average Days on Market: 44 days, up from 34 days in Q4 2021
- Absorption Rate (% of listings into contract): 36% of listings, down from 49% in Q4 2021
- Luxury Home Sales Volume, Sales $3 Million+: Down 52% from Q4 2021
Major Economic Indicators in 2022
- Weekly Avg. 30-Year Mortgage Rate: Climbed from 3.11% to 6.42% (but is down from 7.08% peak in November 2022)
- Consumer Price Index (inflation rate): January to November, dropped from 7.5% to 7.1% (It is down from 9% peak in June 2022, but up from 1.4% in January 2020.)
- S&P Stock Index: Opening to closing bell in 2022, down approximately 19.4%
- Nasdaq Stock Index: Opening to closing bell in 2022, down approximately 33.5%
- Employment: Bay Area unemployment rates remain close to historic lows. (According to the WSJ, “Most laid off tech workers are finding jobs shortly after beginning their search”).
