Confidence in our Market Slowly Returns
Entering May, there was a lot of economic uncertainty due to the implementation of tariffs. Since then, we have seen stability in the stock market and that has created a renewed confidence in our real estate market. Single family homes are seeing prices rival early 22' prices when interest rates were historically low. Although condos are a tougher sell and still significantly below peak prices of the same time period, they are at least selling at higher prices than we saw in 2023, when interest rates initially shot up. What is keeping our market's prices "strong" is the lack of inventory. The simple rule of supply and demand is the most important factor determining price. When we see new startups with lots of capital being raised in our city combined with a lack of homes for sale, it is inevitable that prices will continue to rise.
Just Listed
115 Telegraph Blvd.
3 BED · 3 FULL BATH · 2 HALF BATH
2 PARKING
www.cityrealestatesf.com
OFFERED AT $9,950,000
1776 Green Street #201
3 BED · 3 BATH · 2 CAR PARKING
www.1776green-201.com
OFFERED AT $5,995,000
1 Golden Lily Place - San Rafael
4 BED · 3 BATH · 5 CAR PARKING
www.1goldenlily.com
OFFERED AT $3,088,000
1029-1031 Jackson Street
1925 Pacific Ave #1
3 BED · 2 BATH · 1 CAR PARKING
www.1925PacificAve.com
OFFERED AT $2,395,000
79 Meadowbrook Drive
3 BED · 2 BATH · 2 CAR PARKING
www.79Meadowbrook.com
OFFERED AT $1,575,000
6141 Merriewood Dr. - Oakland
3 BED/3 BATH + 2 BED/1 BATH ADU
1 CAR PARKING
www.6141Merriewood.com
OFFERED AT $1,550,000
1318 44th Avenue
837 Union Street
2 BED · 1 BATH · 1 LEASED PARKING
www.837unionstreet.com
OFFERED AT $979,000
Just Sold
1776 Green Street #401
3 UNITS · 3 BATH · 2 CAR PARKING
www.1776green-ph.com
SOLD FOR $9,990,000
142 Chilton Avenue
3 BED · 1 BATH · 1 CAR PARKING
www.cityrealestatesf.com
SOLD FOR $3,200,000
2341 Carleton St. - Berkeley
4 BED · 4 BATH + DETACHED STUDIO
2 CAR PARKING
www.2341Carleton.com
SOLD FOR $2,110,000
55 Norwich Street
2 BED · 1 BATH · 1 CAR PARKING
www.55Norwich.com
SOLD FOR $1,100,000
The Stats
The average home is still selling for over
the original listing price
Unfortunately, if you’re looking to score a listing for below the asking price, you’re going to have to look very hard, as single-family homes are selling for 14.2% more than their original asking price on average. Fortunately, the condo market isn’t nearly as competitive, as the average listing sells for just 0.4% more than the original listing price.
Buyer's vs. Seller's Markets
When determining whether a market is a buyers’ market or a sellers’ market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a sellers’ market, whereas markets with more than three months of MSI are considered buyers’ markets.
With inventories being such a huge issue, you might think that both the single-family home and condo markets are both seller's markets. However, that’s not the case in San Francisco. The single-family home market remains a seller's market, with just 1.7 months' worth of supply on the market at this point in time. However, the condo market is a buyer’s market, as there is roughly 3.9 months' worth of supply ready to buy on the market right now!
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