San Francisco November '23 Real Estate Update Ascend RE

Ascend RE November 15, 2023

San Francisco

San Francisco November '23 Real Estate Update Ascend RE

Inventory

October saw a drop in the number of new listings hitting the market. This is to be expected though the number did fall below historical levels. Active listings on the market also saw a dip and we expect this number to drop further as we enter the holiday season. Traditionally during November and December, few properties hit the market and many are removed from the market as well. In welcome news, the month's supply of available listings continued to trend upward last month to 4 months worth of inventory available for sale. Pending sales also increased in October which is a good trend considering September was quite low. Though it’s still 20% less than historical levels, it’s a positive sign to see the number staying up.

 

Sales Price

The amount of listings sold has increased slightly, however it’s still significantly lower (33% than past years during October). In positive news for sellers, median and average sales price increased in October (regaining quite a bit of appreciated value since the low point around January 2023). About 50% of homes are selling above list price, this has remained at this level since March of 2023.  Price per square foot has also remained stable since February. Only about 2-3% of homes have received offers over asking, staying unchanged since March 2023. Homes are sitting on the market for an average of 21 days before being sold, consistent with levels in September.

 

Bottom Line

Overall the market over the past 9 months has remained very stable. This in itself is highly unusual! We typically have strong markets in the Spring and Fall, but those markets didn't really materialize this year. We have built up some higher inventory levels, but as we go into the holiday season those are likely to decrease as homes are pulled from the market. Anecdotally, we are seeing more buyers come into the market. This could be due to pent up demand or more stable job prospects, but buyers do seem to be preparing for buying in the Spring. We’re fairly optimistic that 2024 may start turning back into a normal market cycle. Schedule a consultation if you are considering making your real estate moves  in the new year, let’s get the ball rolling!

 

Median Home Sale Price - SF

 

Median Days on Market - SF

 


Recent Blog Posts

Browse our blog posts to be in the know.

South Bay / Silicon Valley November '23 Real Estate Update Ascend RE

Los Angeles November '23 Real Estate Update Ascend RE

East Bay November '23 Real Estate Update Ascend RE

North Bay November '23 Real Estate Update Ascend RE

San Francisco November '23 Real Estate Update Ascend RE

16 Terrifying Haunted Houses and Ghost Tours in the Bay Area

2023 Bay Area Holiday Schedule

Analysis: Homes Near Trader Joe’s Have Higher Values

North Bay October '23 Real Estate Update Ascend RE

East Bay October '23 Real Estate Update Ascend RE

South Bay / Silicon Valley October '23 Real Estate Update Ascend RE

Los Angeles October '23 Real Estate Update Ascend RE

San Francisco October '23 Real Estate Update Ascend RE

Live Work Play Here

For the month of June, we have supported LGBT Asylum Project, and are hosting this brunch in honor of all the great work this nonprofit does. Come join our teams for a… Read more

Hiring Licensed Real Estate Agents

Take your real estate career to the next level!

North Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: March '23 Housing Update

Spring has sprung and the market is feeling a lot luckier!

East Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

Move by HUD and FHA to provide greater homeownership opportunities

Have questions about the market? Our team is here to help and connect you to a lender.

Mortgage Rates Drop Prompts Buyer Demand

Mortgage Applications jump due to lowest rates since September

San Francisco Owners Required to Register Homes

March 1 Deadline for Rent Board Housing Inventory

Tenant Buyouts

What does it entail, and what does it mean for the residence owner going forward?  

Your Spring Guide to Bay Area Farmers’ Markets

Full Guide to 79 different farmers’ markets in San Francisco and beyond.

Los Angeles September '23 Real Estate Update Ascend RE

North Bay September '23 Real Estate Update Ascend RE

East Bay September '23 Real Estate Update Ascend RE

South Bay / Peninsula September '23 Real Estate Update Ascend RE

San Francisco September '23 Real Estate Update Ascend RE

The 12 most delicious new restaurants in the Bay Area

Summer is here, and so are the boozy slushies, all-you-can-eat tacos and double cheeseburgers

East Bay August '23 Real Estate Update Ascend RE

South Bay / Peninsula August '23 Real Estate Update Ascend RE

North Bay August '23 Real Estate Update Ascend RE

Los Angeles August '23 Real Estate Update Ascend RE

San Francisco August '23 Real Estate Update Ascend RE

San Francisco July '23 Real Estate Update Ascend RE

East Bay July '23 Real Estate Update Ascend RE

South Bay / Peninsula July '23 Real Estate Update Ascend RE

North Bay July '23 Real Estate Update Ascend RE

Los Angeles July '23 Real Estate Update Ascend RE

South Bay / Peninsula June '23 Real Estate Update Ascend RE

San Francisco June '23 Real Estate Update Ascend RE

Los Angeles June '23 Real Estate Update Ascend RE

North Bay June '23 Real Estate Update Ascend RE

East Bay June '23 Real Estate Update Ascend RE

Los Angeles May '23 Real Estate Update Ascend RE

North Bay May '23 Real Estate Update Ascend RE

South Bay / Peninsula May '23 Real Estate Update Ascend RE

East Bay May '23 Real Estate Update Ascend RE

San Francisco May '23 Real Estate Update Ascend RE

Let’s Talk

You’ve got questions and we can’t wait to answer them.