SAN FRANCISCO
SUMMER 2023 MARKET DATA
A NOTE FROM COLLEEN & ZOE
Dear Clients, Colleagues, and Friends,
Hard to believe we are already half way through the year, and what an interesting year it has been! When it comes to real estate, this year has been unlike any other in recent memory!
We are seeing a very nuanced market, that varies widely from property to property. While some properties are moving quickly (with many over asking), other properties, that may not check all the boxes upon first glance, are lingering and providing an interesting opportunity for Buyers in the marketplace. Buyers are beginning to come to terms with the new normals of rates, but overall activity is still not quite where it was in 2022....
We have also seen reduced inventory levels from recently established norms...this can largely be attributed to homeowners with exceptionally low, long-term, fixed rate mortgages who are a bit more hesitant to sell and move to a replacement property at a higher rate.
This effect on supply and demand has further intensified the pressure on prices even in an environment of reduced overall activity. That being said, we are also optimizing this market for our buyers, a few recent Buyer wins below:
• Secured an off-market opportunity for our Buyers that ended up appraising $200k over purchase price!
• Just closed on a property for Buyers $800k under asking price
• Helped our first time Buyer put together a winning offer in a highly competitive multiple offer situation!
We have been able to secure some pretty fantastic deals for both our Buyers & Sellers in the recent months….and anticipate quite a few more in the coming months! Please feel free to reach out for more info! We’d love to connect!
COLLEEN COTTER 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
OUR 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
Q2 2023 Q2 2022 % CHANGE Q2 2023 MEDIAN SALES PRICE DAYS ON MARKET $ PER SQUARE FOOT END OF MONTH INVENTORY WENT INTO CONTRACT PROPERTIES SOLD $1,600,000 14 $1,004 212 519 563 YEAR-OVER-YEAR COMPARISON WENT INTO CONTRACT PROPERTIES SOLD END OF MONTH INVENTORY # OF PROPERTIES SOLD OVER LIST AVERAGE % OF LIST PRICE RECEIVED 519 563 212 65.1% 108.0% 628 788 267 87.3% 119.7% -17.4% -28.6% -20.6% -25.4% -9.8% 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
TOP 5 SINGLE FAMILY HOME SALES
Q2 2023 / SAN FRANCISCO CITY WIDE
9 25TH AVENUE SEA CLIFF / $20,000,000
3410 JACKSON STREET PRESIDIO HEIGHTS / $18,500,000
2680 GREEN STREET COW HOLLOW / $13,500.000
2430 PACIFIC AVENUE PACIFIC HEIGHTS / $9,999,900
600 EL CAMINO DEL MAR SEA CLIFF / $12,250,000
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#2
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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
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MEDIAN SINGLE FAMILY VALUES
Q2 2023 / SAN FRANCISCO CITY WIDE
NEIGHBORHOOD
*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
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 $4,500,000 $4,012,500 $6,105,000 $3,200,000 $4,300,464 $1,800,000 $2,650,000 $1,945,000 $2,385,000 $2,500,000 $1,400,000 $1,550,000 $1,974,515 $1,650,000 $1,348,000 $2,050,000 $1,130,000 $972,750 $2,950,000 $1,950,000 $ / SQ. FT. $1,453 $611 $1,331 $1,150 $1,305 $1,227 $1,205 $1,093 $1,115 $818 $948 $991 $484 $1,115 $948 $999 $858 $629 $790 $1,058 AVG % OF LIST PRICE RECV’D 97.5% 104.4% 95.7% 100.9% 103.6% 103.1% 105.0% 106.9% 104.6% 115.4% 103.3% 117.6% 105.5% 105.8% 109.2% 94.1% 108.6% 105.2% 124.6% 115.7% HOMES SOLD 19* 2* 16* 6* 3* 9* 11* 36* 28* 5* 11* 49* 8* 59 16* 6* 51 14* 3* 6*
Cole Valley/Haight Buena Vista/Corona Heights Castro/Duboce Triangle Richmond/Lake Street Noe Valley
CONDOMINIUM MARKET
SAN
FRANCISCO CITY WIDE
Q2 2023 Q2 2022 % CHANGE MEDIAN SALES PRICE DAYS ON MARKET $ PER SQUARE FOOT END OF MONTH INVENTORY WENT INTO CONTRACT PROPERTIES SOLD $1,150,000 30 $1,017 610 580 626 WENT INTO CONTRACT PROPERTIES SOLD END OF MONTH INVENTORY # OF PROPERTIES SOLD OVER LIST AVERAGE % OF LIST PRICE RECEIVED 580 626 610 38.3% 100.2% 868 1,040 939 59.5% 106.2% -33.2% -39.8% -35.0% -35.6% -5.6% 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 Q2 2023
COMPARISON
YEAR-OVER-YEAR
TOP 5 CONDOMINIUM HOME SALES
Q2 2023 / SAN FRANCISCO CITY WIDE
1960 BROADWAY #PH PACIFIC HEIGHTS / $11,000,000
1 SOUTH PARK ST. #406 SOUTH BEACH / $6,100,000
2121 WEBSTER ST #305 PACIFIC HEIGHTS / $5,716,000
42 HOTALING PLACE FINANCIAL DISTRICT / $4,950,000
338 MAIN ST #30B SOUTH BEACH / $5,450,000
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#2 #3
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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
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MEDIAN CONDOMINIUM VALUES
Q2 2023 / SAN FRANCISCO CITY WIDE
NEIGHBORHOOD
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
Valley
Hollow
Pacific/Presidio Heights Russian Hill Noe
Marina/Cow
Mission Dolores
Valley/Haight Hayes Valley Sunset South Beach/Yerba Buena Buena Vista/Corona Heights Lower Pacific/Laurel Heights Castro/Duboce Triangle Richmond/Lake St Telegraph Hill Dogpatch North Beach/Fisherman’s Wharf Mission Bay Potrero Hill Bernal Heights/Glen Park Nob Hill* Mission Diamond Heights Bayview/Hunters Point SOMA AVG SOLD PRICE $1,775,000 $1,575,000 $1,502,500 $1,427,500 $1,425,000 $1,404,000 $1,400,000 $1,350,000 $1,280,000 $1,265,000 $1,250,000 $1,250,000 $1,241,500 $1,226,000 $1,226,000 $1,048,500 $1,042,500 $1,037,544 $980,000 $919,000 $905,000 $840,000 $835,000 $789,000 $779,000 $ / SQ. FT. $1,114 $1,068 $1,075 $1,142 $1,040 $950 $1,079 $1,130 $914 $1,053 $911 $1,000 $1,021 $973 $1,065 $1,104 $1,028 $1,009 $948 $948 $942 $920 $843 $617 $758 AVG % OF LIST PRICE RECV’D 100.1% 98.3% 102.5% 104.3% 98.3% 102.2% 103.2% 104.7% 101.1% 96.6% 102.7% 101.4% 100.8% 102.9% 100.9% 98.0% 101.3% 98.5% 102.4% 100.9% 98.5% 99.9% 99.8% 100.6% 100.4% HOMES SOLD 46* 17* 26* 12* 15* 19* 25* 15* 11* 78 15* 17* 35* 28* 10* 12* 7* 24* 15* 10* 21* 21* 3* 5* 29*
Alamo Square/NOPA Cole
THE COTTER GROUP ACTIVITY
ACTIVE / PENDING / SOLD
219 BRANNAN ST.
SOUTH BEACH / $3,245,000
#18D
• 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
1756-1758 UNION STREET
COW HOLLOW / $2,595,000
• Vacant 3 Unit Building
• 2 Full Floor Flats
• 1-Bedroom Garden Unit
• Top Floor Flat & Garden Unit Are Vacant
IN CONTRACT
1756Union.com
3053 PINE STREET
LOWER PACIFIC HEIGHTS / $2,295,000
• 6-Unit Building
• Well Maintained
• 4 Tenant Occupied Units
• 2 Vacant Units
IN CONTRACT
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
IN CONTRACT
JUST SOLD
SOUTH BEACH / SOLD FOR $4,200,000 / BUYER REPRESENTED
FOLSOM STREET #42AB
201
JUST SOLD
2762 UNION STREET
COW HOLLOW / SOLD FOR $1,125,000 / SELLER REPRESENTED
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
