SAN FRANCISCO
APRIL 2023 MARKET DATA
Dear Clients, Colleagues, and Friends,
I am excited about so many things: the summer season, The Cotter Team’s new website, & a fantastic first half of 2023 in a year filled with so many unique challenges!
As the market has shifted, we chose to step up & get better. These times of change are nearly always filled with opportunities & we rose to the occasion big time! We doubled down on our systems & processes & we’ve improved our client experience. We became laser focused on helping our Buyers tap into these amazing opportunities & it has paid off! We are delighted to have four very happy buyers in contract with fantastic deals!
With tight inventory, we also recognized the need to identify new ways to seek homes for our buyers….We are digging in and finding opportunities by mailing to hyper-targeted homes & good oldfashioned networking (and it still works!).
The market also continues to move, and while this is certainly an interesting year, it’s not all doom and gloom either. I think the best way to describe the market today is…very nuanced. And now more than ever, it truly varies from neighborhood to neighborhood & property to property.
We are seeing very limited inventory which is pushing up demand, and in prime neighborhoods like Noe Valley, homes that are movein ready & check lots of boxes, are still receiving multiple offers & stiff competition! On the other sector of the market, smart Buyers are snagging Southbeach prime condos for prices that look more like 2015!
As always, I come to you from a place of relentless optimism and renewed enthusiasm. In many ways, 2022 felt like a roller coaster, and 2023 is shaping up to be a year where the market pivots and moves ahead.
We are always here to help decode what’s really going on, and to share what we are seeing in real time!
Warmly,
A Note From Colleen...
TOP PRODUCER, 2009-2022 Ranked in the top 1.5% of real estate agents in San Francisco c 415.706.1781 f 415.321.7235 e colleen@colleencottersf.com 1801 Fillmore Street San Francisco, CA 94115 DRE 01703078
The Cotter Group’s Thoughts On The Current Market
BUYER DEMAND
Buyer demand has been steadily recovering from its lowest point in late 2022. Although mortgage applications still lag significantly behind the previous year’s figures, many prospective buyers have come to terms with higher interest rates as the new normal and have decided to proceed with their purchasing plans.
Inventory Levels
The number of new listings hitting the market has dropped from recently established norms. This can largely be attributed to homeowners with exceptionally low, long-term, fixed-rate mortgages being hesitant to sell their properties and subsequently purchase new ones at significantly higher prevailing interest rates. This decline in new listings has weighty implications for the dynamics of supply and demand, further intensifying the pressure on prices even in an environment of reduced overall activity.
RATES
Though rates are higher than they have been in some time, Buyers are accepting these higher rates as the new normal & the initial “sticker shock” has largely subsided.
Single Family Market SAN
FRANCISCO CITY WIDE
Year-Over-Year Comparison
APR 2023 APR 2022 % CHANGE
MEDIAN SALES PRICE DAYS ON MARKET $ PER SQUARE FOOT END OF MONTH INVENTORY WENT INTO CONTRACT PROPERTIES SOLD $1,600,000 13 $1,002 276 168 169
April 2023
WENT INTO CONTRACT PROPERTIES SOLD END OF MONTH INVENTORY # OF PROPERTIES SOLD OVER LIST AVERAGE % OF LIST PRICE RECEIVED 168 169 276 62.1% 107.2% 239 257 459 88.7% 123.1% -29.7% -34.2% -39.9% -30.0% -12.9% Sources: SFAR MLS & BrokerMetrics; Property types covered: Single-family. Only property data posted on the MLS is covered. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075
April 2023 / Top 5 Single-Family Home Sales / San Francisco 9 25th Avenue SEA CLIFF / $20,000,000 600 El Camino Del Mar SEA CLIFF / $12,250,000 17 25th Avenue North SEA CLIFF / $7,350,000 2400 Green Street PACIFIC HEIGHTS / $6,050,000 2400 Green Street PACIFIC HEIGHTS / $6,050,000 #1
#5 Sources: SFAR MLS & BrokerMetrics; Property types covered: Single-family. Only property data posted on the MLS is covered. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075
#2 #3 #4
Median Neighborhood Values / Q1 2023
*Denotes small sample size - use caution when interpreting statistics. Sources: SFAR MLS & BrokerMetrics; Property types covered: Single-family. Only property data posted on the MLS is covered. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075
Marina/Cow Hollow Russian Hill Pacific/Presidio Heights Lower Pacific/Laurel Heights Cole Valley/Haight Buena Vista/Corona Heights Castro/Duboce Triangle Richmond/Lake Street Noe Valley Ingleside Terrace/Lakeside Diamond Heights Sunset Potrero Hill Bernal Heights/Glen Park Westwood Park/Sunnyside Mission Excelsior/Portola Bayview/Hunters Point Alamo Square/NoPa Hayes Valley AVG SOLD PRICE $6,197,500 $6,025,000 $5,075,000 $4,500,000 $3,450,000 $3,250,000 $3,067,861 $2,409,000 $2,075,000 $2,035,000 $1,987,500 $1,652,500 $1,650,000 $1,590,000 $1,375,000 $1,360,000 $1,175,000 $908,000$ / SQ. FT. $1,721 $1,646 $1,615 $1,571 $1,184 $1,083 $1,220 $959 $1,326 $821 $796 $991 $853 $1,035 $930 $936 $814 $635AVG % OF LIST PRICE RECV’D 94.4% 96.6% 97.6% 95.7% 98.6% 102.0% 104.2% 105.0% 107.3% 135.5% 92.3% 106.3% 99.3% 108.1% 101.9% 102.0% 105.3% 105.7%HOMES SOLD 2* 2* 8* 3* 1* 5* 8* 26* 18* 4* 2* 22* 7* 42* 14* 5* 15* 14* 0 0
NEIGHBORHOOD
Condominium Market SAN FRANCISCO CITY WIDE
APR 2023 APR 2022 % CHANGE April 2023 MEDIAN SALES PRICE DAYS ON MARKET $ PER SQUARE FOOT END OF MONTH INVENTORY WENT INTO CONTRACT PROPERTIES SOLD $1,197,500 30 $1,039 634 207 202
WENT INTO CONTRACT PROPERTIES SOLD END OF MONTH INVENTORY # OF PROPERTIES SOLD OVER LIST AVERAGE % OF LIST PRICE RECEIVED 207 202 634 34.7% 99.9% 325 374 1,208 64.2% 107.4% -36.3% -46.0% -47.5% -46.0% -7.0% Sources: SFAR MLS & BrokerMetrics; Property types covered: Condos/TIC/Co-Ops. Only property data posted on the MLS is covered. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075
Year-Over-Year Comparison
April 2023 / Top 5 Condominium Sales / San Francisco 1960
HEIGHTS
1
338
42
Broadway St. #PH PACIFIC
/ $11,000,000
South Park St. #406 SOUTH BEACH / $6,100,000
Main St. #30B SOUTH BEACH / $5,450,000 1170 Sacramento #12D NOB HILL / $4,500,000
Hotaling Place JACKSON PLACE / $4,950,000 #1 #2 #3
Sources: SFAR MLS & BrokerMetrics; Property types covered: Condos/TIC/Co-Ops. Only property data posted on the MLS is covered. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075
#4 #5
Median Neighborhood Values / Q1 2023
NEIGHBORHOOD
Marina/Cow Hollow
Alamo Square/NOPA
Castro/Duboce Triangle
Pacific/Presidio Heights
Buena Vista/Corona Heights
Noe Valley
Cole Valley/Haight
Russian Hill
Lower Pacific/Laurel Heights
Hayes Valley
South Beach/Yerba Buena
Richmond/Lake St
North Beach/Fisherman’s Wharf
Mission Bay
Mission Dolores
Mission
Sources: SFAR MLS & BrokerMetrics; Property types covered: Condos/TIC/Co-Ops. Only property data posted on the MLS is covered. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2023 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075
Dogpatch
Park
Nob Hill* Bernal Heights/Glen
Potrero Hill Telegraph Hill Diamond Heights Sunset SOMA Bayview/Hunters Point AVG SOLD PRICE $1,925,000 $1,550,000 $1,537,500 $1,500,000 $1,475,000 $1,362,500 $1,350,000 $1,250,000 $1,250,000 $1,210,000 $1,184,000 $1,125,000 $1,088,000 $1,081,000 $1,060,000 $1,035,000 $1,030,000 $947,500 $925,000 $919,500 $916,250 $915,000 $841,500 $747,000 $620,000 $ / SQ. FT. $1,211 $925 $1,133 $1,050 $1,059 $1,148 $952 $1,158 $979 $991 $1,072 $947 $931 $1,028 $970 $1,035 $832 $866 $830 $1,034 $1,184 $795 $1,038 $764 $624 AVG % OF LIST PRICE RECV’D 99.1% 101.0% 101.3% 101.1% 99.5% 102.1% 101.1% 98.9% 105.9% 100.9% 94.9% 100.4% 97.5% 99.0% 99.6% 99.3% 97.2% 102.0% 99.9% 101.6% 100.0% 98.3% 103.5% 97.2% 103.7% HOMES SOLD 13* 23* 16* 32* 9* 18* 12* 18* 13* 15* 51 22* 9* 18* 6* 13* 16* 9* 28* 8* 6* 4* 6* 20* 5*
Current Listings, In-Contract & Recently Sold Properties
219 Brannan St. #18D
SOUTH BEACH / $3,245,000
• Top Floor Penthouse at the Brannan
• 3 Bedrooms, 3 Bathrooms
• Floor to Ceiling Windows with Unobstructed Views of the Bay Bridge & CItyscape
• Walk-Out Terrace
• Herringbone Wood Floors Throughout
• 2-Car Parking
FOR SALE BrannanPenthouseLiving.com
99 Rausch Street
SOMA / $585,000
• 1 Bedroom, 1 Bathroom
• Private South Facing Patio
• South Facing Floor to Ceiling Windows Flooded with Natural Light
• Quiet Tree-Lined Street
• Full Amenity Building with a Doorman, Gym, and Rooftop Deck
FOR SALE
99Rausch202.com
• 2 Full Floor Flats
• 1-Bedroom Garden Unit
• Top Floor Flat & Garden Unit Are Vacant
Union Street
1756-1758
COW HOLLOW / $2,595,000
• Vacant 3 Unit Building
FOR SALE
1756Union.com
2762 Union Street COW HOLLOW / $1,075,000 • 2 Bedroom • 1.5 Bathrooms • Condo Overlooks A Luxurious Sunny Garden IN CONTRACT
3053 Pine Street
LOWER PACIFIC HEIGHTS / $2,295,000
• 6-Unit Building
• Well Maintained
• 4 Tenant Occupied Units
• 2 Vacant Units
FOR SALE
1380 Fell Street
NOPA / $3,795,000
• 8-Unit Building
• All 1-Bedroom Units
• 8 Car Garage
• Fantastic Opportunity For Investors Looking To Capitalize On The Strong Rental Market In This Sought-After Location
FOR SALE
SOUTH BEACH / $4,995,000 / BUYER REPRESENTED
• 2 Bedrooms
• 2.5 Bathrooms
• Penthouse at The Lumina
Folsom
#42AB
201
Street
IN CONTRACT
JUST
2266 Jackson Street
SOLD $2,725,000 / BUYER REPRESENTED
SOLD
/ BUYER REPRESENTED
SOLD
429 Vermont Street SOLD $650,000
JUST
COLLEEN COTTER 415.706.1781 colleen@colleencottersf.com BRE Lic. #01703078 ZOE FRANKEL 415.235.9422 zoefrankel@vanguardsf.com DRE Lic. #02134477 Contact colleencottersf.com 1801 Filmore Street | San Francisco, CA 94115
