October 10, 2019
The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding. Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base. New Listings were down 9.6 percent for single family homes and 18.2 percent for Condo/TIC/Coop properties. Pending Sales increased 15.6 percent for single family homes and 8.6 percent for Condo/TIC/Coop properties. The Median Sales Price was up 32.9 percent to $1,715,000 for single family homes but decreased 6.8 percent to $1,104,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 26.3 percent for single family units and 32.1 percent for Condo/TIC/Coop units. In February, prevailing mortgage rates continued to rise. This has a notable impact on housing affordability and can leave consumers choosing between higher payments or lower-priced homes. According to the Mortgage Bankers Association, the average rate for 30-year fixed-rate mortgages with a 20 percent down payment that qualify for backing by Fannie Mae and Freddie Mac rose to its highest level since January 2014. A 4.5 or 4.6 percent rate might not seem high to those with extensive real estate experience, but it is newly high for many potential first-time home buyers. Upward rate pressure is likely to continue as long as the economy fares well.
Click here to read full report
Courtesy of San Francisco Association of Realtors
Stay up to date on the latest trends
Pointers
Arrian Binnings | December 14, 2022
The Surprising Similarities Between the World Cup and Bay Area Real Estate
Market Update + Prediction
Arrian Binnings | December 12, 2022
Monthly Update for SF + North Bay
Success Story
Payton Stiewe | November 30, 2022
Before + After Transformation of Lower Pacific Heights Condo
Market Update + Prediction
Arrian Binnings | October 25, 2022
Monthly Update for SF + North Bay
Pointers
October 16, 2022
The best ways to get more offers on your home.
Pointers
Payton Stiewe | October 13, 2022
What if your home isn't in a flood zone or flooding is unlikely to happen where you live? Is it still necessary to buy flood insurance?
Market Update + Prediction
Arrian Binnings | September 16, 2022
Monthly Update for SF + North Bay
Pointers
Payton Stiewe | August 8, 2022
Payton shares his personal experience with co-ownership
Market Update + Prediction
Arrian Binnings | July 29, 2022
Monthly Update for SF + North Bay
​​​​​​Real Estate Done Differently
Artemis is one of the Bay Area's most successful agent teams, consistently ranked among the top-performing agents in San Francisco and Marin. Whether you're buying or selling a home, we can help you get the most for your investment.