Here is the link to YOUR Monday Morning Market Update.
Starting in the Condo market, we are seeing a steady flow of new condos hitting the market, with 52 new listings in the under $1M segment and 79 listings in the over $1M segment. Pending listings increased to 53 in the under 1M segment at 63 in the over 1M segment, indicating that despite the increase in mortgage rates lately, buyer sentiment is still very strong in both condo segments. DOM increased by 2 in the under 1M segment but stayed at 22 in the over 1M segment. As of this morning, there are 767 active condo listings in San Francisco.
Single Family Homes
In the Single-Family home market, we saw 11 new homes hit the market in the under 1M segment and 42 new homes hit the market in the 1-2M segment, which is very similar to last week. Pending listings dropped by 9 to 40 in the 1-2M segment. However, closed homes also dropped by 7 to 21. The sale price to list price of new listings remained steady at 108% in the under 1M segment and 125% in the 1-2M segment. AS of this morning, there are 128 single-family homes under $2M for sale in San Francisco.
In the luxury Home Market, listings remained steady at 11 in the 2-3M segment and dropped 3 in the over 3M segment to 12. Sale price to list price increased by 1% to 126% in the 2-3M segment and remained at 110% for the over $3M segment. As of this morning, there are 93 single family homes for sale over $3M in San Francisco.
As of this morning, there are 998 homes for sale in San Francisco. Overall, new listings are up from 185 last week to 207 this week, but pending dropped from 199 to 193. Additionally, closed homes had a fairly large drop from 155 to 118. This is most likely due to the number of buyers hit with larger interest rates that fell out of contract the past few weeks.
AS for the buyer indicators that we have been discussing the last couple weeks, there appears to be no major shift. Back-On-Markets were down from last week and price reductions were about the same as last week as well. This all indicated that even though interest rates went up, buyers are still in heavy competition for new listings as they become available.