Maggie's Market Minute - 34 active listings priced at $10M+

The housing market and economy remain in a period of adjustment, and rising interest rates in early Fall caused many buyers to be more cautious as they wait to see how things will settle.  Below is a brief synopsis of how these factors played out in October: Market Summary Home sales are down 38% YoY (the fewest number of transactions since 2011) Single-Family House Median Sales Price is down 7% YoY ($1,680,000 – about where prices were in Jan 2021) Condo Median Sales Price is down 4% YoY: ($1,215,000 – about where prices were in Jan 2021) District 9 vs the rest of SF District 9 neighborhoods (South Beach, Mission Bay, Inner Mission, Dogpatch, Potrero Hill, and SoMa) seemed to be impacted disproportionately more than other districts with longer days on market and low sales volume. A possible explanation is that most of these neighborhoods have office buildings and reports of homelessness. The number of condo sales in all of SF (except D9) is down 39% YoY, while the number of condo sales in D9 is down 52% The median condo sales price in D9 is down 14% YoY Luxury Home Sales Luxury ($5M+) home sales are down 43% YoY There are currently 85 active listings priced at $5M+ on the market (see below the breakdown by price segment). 34 of these are priced at $10M+.    Check them out by clicking the link below 👇 San Francisco Luxury Homes The next 2 months The market now enters a 2-month holiday period which typically see new listings and the number of listings going into contract plunge, and listings that have not sold yet undergo price reductions or get pulled off the market. There will likely be even larger discounts as we brush up against the holidays – so if you’re on the fence about buying, get your financing buttoned up (mortgage rates just had the biggest weekly drop since 1981!) and start to write low-ball offers on properties that have been on the market for a while. Complete Market Report Are you, or someone you know, ready to move? Let me know - I can help. marketingcenter-sfbayarea-sfcityproper