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San Francisco Real Estate Market Report May 2023

San Francisco Real Estate Market Report May 2023

House prices have started to tick back up, similar for Condos.

Read Complete May Report Here

Sample of amount of Home Sales in SF Neighborhoods YTD:

In Presidio Heights there were only 3 houses sold in Q1 at $2,288,000, $7,200,000 and $34,000,000. Additionally, 2 condo sales at $1,400,000 and $1,800,000.
In Pacific Heights 8 houses and 38 condos were sold in the period.
In Cow Hollow there were 5 houses and 8 condos sold. Median $/sq.ft value for house was: $1329/sf.ft and for condos median $/Sq.Ft.: $1236/sq.ft.

For 2023 house & condo prices broken out for each neighborhood, click below:

Median Home Sales Price Map

Year over year, the new-listing volume in April 2023 was down 43%. Which is highligting the low inventory of properties for sale currently.

The volume of pending sales is greatly reduced which means that buyers and sellers are not making any decisions or feeling any pressure to take action right now. Compared to the pandemic spring of 2021 where there were many actively making decisions.
Buyers are more scrupulous.
Inventory is the same but sales volume has been reduced by almost 50%.

The number of price reductions has been climbing.

Below graphs show market activity in the Luxury House and Condo Market,

even though volume is down.

San Francisco House Price Appreciation

Year over year, the 2022 median house sales price was down about 1% from 2021.
The median price in San Francisco has plateaued.

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Enoy this Tour of 2590 Union Street:

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