Clients, friends, and colleagues:
Here's some quick bullet points on the key trends happening here in San Francisco, with in-depth statistics & charts below. As we move into the summer market, activity typically slows on both the demand & supply side.
Opportunities remain abound, however! Contact me for some of the best value opportunities I see out there.
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Interest rates have dropped for the third straight week to a national average of ~6.8% for the 30-yr fixed
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Median house sales price hit its highest value since mid-2022: $1,735,000
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Meanwhile the median condo sales price dropped ~1% year over year to $1,135,000
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Home sales volume is up ~12% year over year, with luxury home sales ($5M+) climbing a staggering 62%
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82% of home sales sold over asking; 44% of condos sold over asking
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House sales averaged about 13% over asking; condos averaged about 0.5% under asking. Both were the highest since mid-2022
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Average days on market were the lowest in the past 12 months
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An estimated 30-40% of all purchases nationwide have been all cash.
I'll leave you with one tid bit before the raw data: The AI industry has grown about $50B in 2024 (to about $184B), and is projected to reach $826B by 2030 (nearly a 450% increase in 6 years!). Per statista.com
Let me know if you have any specific questions; I'm happy to help.
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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.
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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.
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