REAL ESTATE MARKET REPORT SAN FRANCISCO

PAUL WARRIN BROKER ASSOCIATE SAN FRANCISCO SPECIALIST

Rising interest rates have continued to put downward pressure on sales prices. March’s median SFH price of $1,697,000 is down 15% from a year ago, but up 18% from February The median condo sales price is $1,080,000, down 10% from last March, and down 4% from February.

Cash buyers are taking advantage of the dip in prices and as a result, the percentage of homes being purchased with cash has increased significantly. Other buyers are buying now with the plan to refi when rates drop again.

While homes sales jumped 15% nationally, inventory levels have dropped, especially in San Francisco. New listings are down 30% for SFHs and 42% for condos. Pending sales are down 36%.

Sales in the luxury market are moving slightly slower than last year. There were three $10M+ sales in Q1 2022, and sixteen in total for 2022. Thus far this year, there has been one $10M+ sale, and two pending sales The one sale was a big one, 3450 Washington, which sold for, appropriately, $34,500,000.

Meanwhile, the Applegarth+Warrin team was the #1 team at Golden Gate Sotheby’s in San Francisco and Marin in 2022, with $120M in sales.