We continue to see the bolstering of property values in South Beach and Mission Bay, despite the mid year interest rate increase.
According to Infosparks, our MLS data visualization tool, 2022’s two-bedroom condo values are slightly more elevated than 2021’s. We choose the 2 bedroom condo as a unit of measure because it’s the most sold property type in San Francisco.
The median sales price for a two bedroom condo in South Beach and Mission Bay is slightly higher in 2022 than in 2021. See below
The 2022 median price per square foot is slightly higher than in 2021.
Mortgage Rates Stabilize, Balancing Out The Real Estate Market
Interest rates are currently driving the real estate market. The rapid rise of rates has finally paused, which should help the market re-balance. As rates start coming down, borrower activity is more likely to increase when interest rates drop to lower than 6%, which is where they stand currently. Further in the second half of 2022, more moderate price growth and a further normalizing of the market is to be expected. We hope that the falling rates coincide with the second busiest real estate season of the year – the fall market.
Let’s talk about getting your property ready for the Fall market. Find out what recently sold and what went pending in the neighborhood last week. This info will help determine your pricing. I can give you a sales activity report today.
