Feature image for SF: July 2023 Market Stats

July 13, 2023

SF: July 2023 Market Stats

By Compass

Underlying market and economic dynamics in 2023 have been a mixed bag of often contrary and volatile factors - including downward-trending inflation; interest rates bouncing between 6% and 7%; unceasing uncertainty regarding what the Fed will do next; substantial rebounds in stock markets; bank, commercial real estate, and debt-default crises; international political, economic and military conflicts; high-tech layoffs amid generally strong employment statistics; and a recovery in buyer demand, sales activity, and home prices, but all 3 remaining significantly lower than the peak of the market in spring 2022. And within the city, market conditions often vary by property type (houses generally seeing higher demand), neighborhood (the downtown market remains relatively weak), and/or price segment within types and locations.

Ultimately, the market is defined by neither just demand nor supply, but by the balance between the two. As we've moved deeper into 2023, that balance has generally tilted to sellers' advantage, with homes selling faster, with more offers, for higher prices. Part of this is due to seasonal dynamics: Spring is commonly the highest-demand, most active selling season of the year. But the contrast with the 2nd half of 2022, when demand and sales plunged, is more than seasonal. It also reflects a rebound in psychology, with many buyers deciding to move forward with their life plans.

For most Bay Area markets, summer has historically been a slower period after spring - with some regions, such as San Francisco, seeing a relatively short (6 to 8 week) spike up in activity in autumn before the big midwinter slowdown - but typical seasonal trends have been upended a few times in recent years. Certainly, a substantial amount of buying and selling will continue to occur in the coming months, as well as variations in underlying economic conditions, which we will cover in detail in future reports.

San Francisco House Price TrendsBay Area Median House Sales Price AppreciationSan Francisco Condo Price AppreciationSan Francisco Condo Price AppreciationSan Francisco Residential Market: Spring 2023San Francisco HOUSE Price Trends - Selected District MarketsSan Francisco HOUSE Price Trends - Selected DistrictsSan Francisco CONDO Price Trends - Selected DistrictsSan Francisco CONDO Price Trends - Selected DistrictsSan Francisco Luxury HOUSE MarketSan Francisco Luxury Condo, Co-op & TIC MarketAverage Days on Market - Speed of SaleOverbidding List Prices in San FranciscoAverage Sales Price to Original List Price PercentageSan Francisco Housing* Total Housing Units: 414,581San Francisco County Population ChangesNew Listings Coming on MarketSan Francisco Homes MarketActive Listings on Market - Longer-Term TrendsListings Pending Sale (in Contract, Offer Accepted)Monthly Home Sales VolumeSan Francisco Higher-Price Home SalesBay Area Ultra-Luxury Market: Homes of $10 Million+Price Reductions on Active ListingsNumber of Housing Units Permitted (3 Month Moving Average), San Francisco, Through May 2023

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