San Francisco Real Estate Market Update: October 2023
Welcome to the October 2023 analysis of the San Francisco real estate market. Our report provides essential insights for both buyers and sellers, revealing the latest trends and statistics that shape real estate decisions in the city.
Highlights: Quick Snapshot
- Single-family Homes: Median Sales Price increased by 5% from September 2023 to $1,654,000 but decreased by 1% compared to October 2022.
- Condos: Median Sales Price increased by 8.6% from September 2023 to $1,140,000, a decrease of 5% from October 2022.
Key Statistics for Single-family Homes in San Francisco
- Home Sales: Increased to 190 in October, up from 139 in September (a 36.7% MoM increase) and slightly up from 184 YoY (a 3.3% increase).
- Median Sales Price: $1,654,000, showing a 5% MoM increase but a 1% YoY decrease.
- Average Sales Price: $2,327,080, up 15.1% from September and 12% YoY.
- SP/LP Ratio: 105.2%, rising from 104.2% in September.
- Days on Market: Decreased to 22 days from 28 days in September.
Key Statistics for Condos, Lofts, Townhomes, and TICs
- Condo Sales: Reached 187, up from 162 in September (15.4% MoM increase) but down from 212 YoY (11.8% decrease).
- Median Sales Price: $1,140,000, indicating an 8.6% MoM increase but a 5% YoY decrease.
- Average Sales Price: $1,262,829, a decrease from September's $1,371,274 and down 9.9% YoY.
- SP/LP Ratio: Increased to 99.4% from 97.7% in September.
- Days on Market: Decreased to 45 days from 52 days in September.
Current Trends in San Francisco's Real Estate Market
The market is showing a rise in the median sales price for single-family homes month-over-month, with an increase in sales and a substantial increase in the average sales price, suggesting a continued demand. Condos are experiencing a slight downward pressure on prices compared to the previous year but are seeing an improvement in the SP/LP ratio month-over-month.
Implications for Buyers and Sellers
- For Buyers: There may be negotiating room, especially in the condo market, given the lower SP/LP ratio and the increase in days on market.
- For Sellers: The market for single-family homes remains robust, with SP/LP ratios indicating that homes are selling above the list price. Sellers should capitalize on the market's momentum for timely listings.
Summary and Call to Action
Our October update reflects a resilient San Francisco real estate market with mixed pricing signals. For tailored advice and a comparative market analysis, Robb Fleischer and the team at AMSI Real Estate Services are your go-to experts.
This update is based on 'The Real Estate Report of Local Market Trends for San Francisco' by Robb Fleischer, Broker/Officer for AMSI Real