A Note From Colleen...

Dear Clients, Colleagues, and Friends,

I hope you are having a wonderful start to the new year! 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.

With the holidays now behind us, 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, it is hard to know if we will see as much of a push as we have in years past…

When comparing the data year-over-year and the long-term numbers, it is so important to look at the longevity of the San Francisco market. While 2022 started off strong, we began to feel a shift in the second half of the year.

You’ll notice that year-over-year there has been a 0.9% decrease in the median sales price for single-family homes and a 2% drop for condominiums. That being said, transaction volume is also down significantly, which impacts this data. The economy and housing market remain in a period of adjustment, causing many to be more cautious as they wait to see how things go. Meanwhile, others are diving into opportunities we haven’t seen in years.

We are always here to help decode what’s really going on, and to share what we are seeing in real time!

Warmly,