The Big Picture, Local and National Trends
Robyn’s Real Estate Market Update, November 2022
San Francisco’s Current Sales Prices
- The median San Francisco single family home price is $1,700,000, down 7% from last year.
- The median San Francisco condo home price is $1,200,000, down 4% from last year.
San Francisco Market Snapshots
National Home Sales
- According to the National Association of Realtors, home sales decreased for the eighth straight month.
- Sales volumes are below long-term averages (~5.2 million in a given month over the past decade) but remain closer to those averages than the unsustainable levels of 6 million+ sales recorded throughout 2021.
- At the current sales pace, there is a 3.2-month supply of existing homes available to buy.
- There was a 9.2-month supply of new homes available to buy in September, up from 6.1 months a year ago.
- Sales of newly built single-family homes in September 2022 fell to 603,000 – down 10.9% from August and down 17.6% year-over-year.
- There are more than 1.7 million homes currently under construction nationwide (multi-family and single-family combined), the most ever recorded.
News on the Economy
- Mortgage rates fell this week after a government report showed that inflation had cooled in October. The average rate on the 30-year fixed plunged 60 basis points from 7.22% to 6.61%. The jumbo 30-year fixed mortgage rate is 6.15% and the jumbo 15-year rate is 6.27%(CNBC)
- Inflation subsided to 7.7% down from a high of 9.06% in June.
- The consumer price index, a broad-based measure of goods and services costs, increased 0.4% for the month and 7.7% from a year ago. Respective estimates from Dow Jones were for increases of 0.6% and 7.9%, so the figures came out lower than expected.
- Shelter pricing cooled along with used car prices and apparel.
Off Market Opportunity
Madrone in Mission Bay
435 China Basin #527
2 Bedrooms | 2 Baths | 1,168 Sq. Ft. | Private and Large Outdoor Balcony
Offered at $1,460,000
Property is now leased. Seller will sell to an investor.