SAN FRANCISCO
FEBRUARY 2023 MARKET UPDATE
A Note From Colleen...
Dear Clients, Colleagues, and Friends,
I am excited about so many things: the spring real estate market, The Cotter Team’s new website, and all the buyers and sellers we will have the privilege of serving in 2023.
Spring is the season of change and I come to you from a place of relentless optimism and renewed enthusiasm. In many ways, 2022 felt like a roller coaster, and 2023 will be a year where we see what happens as the market pivots and moves ahead.
We look ahead to the Spring selling season - historically the busiest time of year for real estate. While we do anticipate an influx of new and refreshed listings to replenish the market’s offerings, we are also seeing an increase in Buyer activity as rates have come down a bit & the market pulse has normalized.
We are always here to help decode what’s really going on, and to share what we are seeing in real time!
Warmly,
TOP PRODUCER, 2009-2022 Ranked in the top 1% 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
THE JANUARY DATA
The data is out through important to remember that these January statistics are based primarily on contract data ratified in December - historically the slowest month of the year, recorded much lower than the extremely active January of last year.
THE PULSE
The pulse of the market feels strong, inflation has dropped substantially since June and stock markets are up, albeit with continuing volatility and we are seeing that reflected in listing activity.
OPEN HOUSE ACTIVITY
The market now appears to be thawing and we are seeing busy open house activity again.
RATES
National mortgage rates decreased significantly over the past several weeks with the 30-year fixed-rate down nearly a full point from November when it peaked at just over seven percent.
Single Family Market
SAN FRANCISCO CITY WIDE
Year-Over-Year Comparison
JAN 2023 JAN 2022 % CHANGE
MEDIAN SALES PRICE DAYS ON MARKET $ PER SQUARE FOOT END OF MONTH INVENTORY WENT INTO CONTRACT PROPERTIES SOLD $1,385,000 30 $867 204 74 98
January 2023
WENT INTO CONTRACT PROPERTIES SOLD END OF MONTH INVENTORY # OF PROPERTIES SOLD OVER LIST AVERAGE % OF LIST PRICE RECEIVED 74 98 204 43.9% 103.4% 125 130 360 75.4% 117.4% -40.8% -24.6% -43.3% -41.8% -11.9% 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
January / Top Five Single-Family Home Sales / San Francisco 50 St. Germain Avenue CLARENDON HEIGHTS / $9,938,000 2627 Steiner Street PRESIDIO HEIGHTS / $9,500,000 41 Ford Street EUREKA VALLEY / $4,999,000 72 San Benito Way ST. FRANCIS WOOD / $4,250,000 2578 Pine Street LOWER PACIFIC HEIGHTS / $4,500,000
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
#1 #2 #3 #4 #5
Median Neighborhood Values / As of 2022
*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
Pacific/Presidio Heights Alamo Square/NOPA Marina/Cow Hollow Russian Hill Cole Valley/Haight Lower Pac/Laurel Heights Noe Valley Buena Vista/Corona Heights Castro/Duboce Triangle Hayes Valley Diamond Heights Ingleside Terrace/Lakeside Richmond/Lake Street Missino Bernal Heights/Glen Park Potrero Hill Sunset Westwood Park/Sunnyside Excelsior/Portola Bayview/Hunters Point AVG SOLD PRICE $5,887,500 $4,310,000 $3,938,000 $3,663,751 $3,497,500 $3,486,500 $2,837,500 $2,750,000 $2,650,000 $2,592,250 $2,425,000 $2,324,000 $2,262,500 $2,200,000 $1,850,750 $1,805,000 $1,731,500 $1,637,500 $1,250,000 $1,100,000 $ / SQ. FT. $1,634 $1,241 $1,474 $1,350 $1,206 $1,178 $1,337 $1,226 $1,321 $1,118 $1,159 $1,000 $1,069 $1,033 $1,096 $1,059 $1,089 $1,086 $888 $708 AVG % OF LIST PRICE RECV’D 101.5% 106.6% 106.2% 102.5% 110.7% 107.0% 114.6% 110.3% 111.1% 109.8% 105.1% 115.1% 115.6% 105.2% 116.1% 112.4% 122.4% 114.9% 114.5% 111.2% HOMES SOLD 50 8* 46* 16* 26* 30* 126 37* 59 8* 16* 30* 180 26* 242 53 228 88 167 79
NEIGHBORHOOD
Condominium Market SAN FRANCISCO CITY WIDE
JAN 2023 JAN 2022 % CHANGE
2023 MEDIAN SALES PRICE DAYS ON MARKET $ PER SQUARE FOOT END OF MONTH INVENTORY WENT INTO CONTRACT PROPERTIES SOLD $1,000,000 70 $930 537 134 101
WENT INTO CONTRACT PROPERTIES SOLD END OF MONTH INVENTORY # OF PROPERTIES SOLD OVER LIST AVERAGE % OF LIST PRICE RECEIVED 134 101 537 18.8% 97.8% 224 183 902 39.3% 101.1% -40.2% -44.8% -40.5% -52.2% -3.3% 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
January
Year-Over-Year Comparison
January / Top Five Condominium Sales / San Francisco
301 Mission St. #54B YERBA BUENA / $7,750,000
1515 Union St. #6A COW HOLLOW / $6,000,000
2121 Webster St. #605 PACIFIC HEIGHTS / $6,500,000
806 Dolores St. DOLORES HEIGHTS / $2,990,000
280 Spear St. #33F SOUTH BEACH / $4,000,000
#1 #2 #3
#4
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
#5
Median Neighborhood Values / As of 2022
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
NEIGHBORHOOD Pacific/Presidio Heights
Cole Valley/Haight Marina/Cow Hollow
Russian
Pacific/Laurel Heights Richmond/Lake St Sunset Mission Dolores South Beach/Yerba Buena Mission North Beach/Fisherman’s Wharf Hayes Valley Telegraph Hill Dogpatch Bernal Heights/Glen Park Nob Hill* Mission Bay Potrero Hill SOMA Diamond Heights Bayview/Hunters Point AVG SOLD PRICE $1,634,000 $1,620,000 $1,587,500 $1,500,000 $1,480,000 $1,476,200 $1,462,500 $1,402,500 $1,385,000 $1,345,000 $1,330,000 $1,299,000 $1,249,500 $1,173,750 $1,157,500 $1,150,000 $1,116,500 $1,107,500 $1,100,000 $1,100,000 $1,095,000 $1,085,000 $888,000 $800,000 $732,500 $ / SQ. FT. $1,160 $1,128 $1,302 $1,079 $1,148 $1,137 $1,058 $1,186 $1,098 $999 $990 $1,075 $1,129 $965 $1,015 $1,102 $1,097 $954 $1,037 $1,057 $1,100 $1,075 $884 $950 $710 AVG % OF LIST PRICE RECV’D 102.0% 110.4% 104.0% 107.7% 109.2% 108.4% 110.3% 104.7% 104.9% 108.9% 106.7% 106.9% 98.6% 103.3% 101.6% 104.2% 102.9% 101.4% 107.6% 100.0% 99.2% 101.2% 100.0% 104.3% 100.9% HOMES SOLD 206 81 112 150 63 122 106 122 87 140 26* 78 326 196 50 103 34* 48* 55 116 115 84 150 40* 38*
Noe Valley Buena Vista/Corona Heights Castro/Duboce Triangle Alamo Square/NOPA
Hill Lower
Current Listings, In-Contract & Recently Sold Properties
219 Brannan St. #18D
SOUTH BEACH / INQUIRE FOR PRICING
• 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
99 Rausch Street
SOMA / $625,000
• 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
1756-1758 Union Street
SAN FRANCISCO / $2,595,000
• 3 Unit Building With 2 Vacant Units
• 2 Full Floor Flats
• 1-Bedroom Garden Unit
• Top Floor Flat & Garden Unit Are Vacant
FOR
SALE 1756Union.com
1587 15th Street, Unit 501
/ $995,000
2 Bedrooms
1 Bathroom
Top Floor of an Elevator Building
1-Car Parking
Centrally Located In The Mission Neighhorhood FOR SALE 15thstreet501.com
MISSION
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•
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•
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950 Corbett Avenue, Unit 2
SAN FRANCISCO / $1,650,000
• 3 Bedrooms + Den
• 2 Bathrooms
• 3 Fireplaces / Juliet Balconies / Brazillian Teak Hardwood Floors
• 1-Car Parking Equipped With EV Charging
• Boutique Elevator Building With Direct Unit Access
950CorbettUnit2.com
FOR SALE
Webster St
SAN FRANCISCO / SOLD $4,200,000 JUST SOLD
2019
BUYER REPRESENTED
JUST SOLD
2295 Vallejo St. #310
SELLER REPRESENTED
SAN FRANCISCO / SOLD $1,600,000
JUST SOLD
884-886 Arlington Avenue
BUYER REPRESENTED
OAKLAND / SOLD $1,350,000
COLLEEN COTTER 415.706.1781 colleen@colleencottersf.com BRE Lic. #01703078 ZOE FRANKEL 415.235.9422 zoefrankel@vanguardsf.com DRE Lic. #02134477 MARGARET O’DRISCOLL 415.846.3062 margaret@vanguardsf.com BRE Lic. #01131561 Contact colleencottersf.com 1801 Filmore Street | San Francisco, CA 94115
