Feature image for SF: November 2023 Market Stats

November 8, 2023

SF: November 2023 Market Stats

By Compass

The heart of the autumn selling season was dominated by global conflict, falling stock markets - and interest rates jumping to their highest point in 23 years, further discouraging buyers who require financing, and prospective sellers reluctant to abandon their current loan terms. Then on November 1st, the October jobs report came out, the Fed extended its pause on raising its benchmark rate, and the Treasury Department issued revised guidance pertaining to upcoming bond sales - and by November 3rd, stock markets had logged their best week of the year, and interest rates had seen a near-record decline.

The housing market typically begins its big, holiday slowdown in mid-November, with listing and sales activity declining to annual lows. Considering the volatility that has characterized economic and political conditions, it's too early to speculate on how these shifts will play out in the coming days, weeks, and months. Ideally, rates will continue to normalize and consumer confidence will recover into the new year, with significant improvements to both housing affordability and the equation for homeowners contemplating a sale.

Even if the expected holiday slowdown occurs, sellers of appealing, well-prepared, and well-priced homes may still see a quick sale with multiple offers: There are still qualified buyers actively looking to purchase (with financing or all cash). For buyers, mid-winter usually offers reduced competition for listings, and an enhanced ability to aggressively negotiate prices on unsold properties: It can be an excellent time to buy for those who stay in the game.

This report will review trends in home prices, new and active listings, speed of sale, overbidding, listings going into contract, and sales volumes in both the general market and the luxury segment. We have also updated our Bay Area home price tables and maps with detailed data on current values and market dynamics in the cities, towns, and other submarkets within the region.

Mortgage Interest Rates since February 2023 30-Year Fixed-Rate Loans, Daily Average Readings*San Francisco HOUSE Price Trends since 1990 Monthly Median House Sales Prices, 3-Month RollingSan Francisco CONDO Price Trends since 2005 Median Condo Sales Price, 3-Month RollingSan Francisco CONDO Price Trends: Downtown vs. Non-Downtown 6-Month-Rolling Median Condo Sales Prices since 2005*San Francisco Home Sales Breakdown Sales Numbers & Median Values by Number of Bedrooms*San Francisco Median Homes Sales Prices. 6 Month Sales, A Sampling of SF's 70+ NeighborhoodsThe Washington Post, "America's big-tech cities are thriving, not dying" by Amy Liu, interim President of the Brookings Institution, October 25, 2023New Listings Coming on Market San Francisco Market Dynamics & SeasonalityMonthly Home Sales Volume San Francisco Market Dynamics & SeasonalityAverage Days on Market - Speed of Sale San Francisco Market Dynamics & SeasonalityOverbidding List Prices in San Francisco Percentage of Home Sales Closing over List Price, since 2018Average Sales Price to Original List Price Percentage San Francisco Over/Under Bidding: Market Dynamics & SeasonalitvSan Francisco Homes Market Active & Coming-Soon Listings on 1st of Month*San Francisco: Homes for Sale Active & Coming-Soon Listings by Price Segment*Active Listings on Market - Longer-Term Trends San Francisco Market Dynamics & SeasonalityListings Pending Sale (in Contract, Offer Accepted) San Francisco Market Dynamics & SeasonalitySan Francisco Higher-Price Home Sales* Homes Selling for $3 Million+ & $5 Million+Price Reductions on Active Listings San Francisco Market Dynamics & SeasonalitySan Francisco: Not Every Home Sells Listings Taken Off Market Without SellingU.S. Percentage of All-Cash Buyers National Market Dynamics since 2015, by Month*California Migration Trends - U.S. Census Estimates* People Moving Out of CA to Another State in 2022California Migration Trends - U.S. Census Estimates People Moving to CA from Another State in 2022

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