In the first quarter of 2024, it's clear that a notable uptrend characterizes San Francisco and Marin's real estate landscape. Over the past three months, both single-family homes and condominiums have displayed robust yearly growth across key metrics, including median sales price, median price per square foot, and the volume of properties entering escrow and completing sales transactions. Concurrently, the days on market have witnessed a decline, indicative of heightened demand and efficient sales processes.
The onset of the spring selling season has brought a surge in buyer activity, with agents reporting significant turnout at open houses and a proliferation of multiple offers on numerous properties. Buyer competition has intensified, particularly in desirable neighborhoods and properties boasting sought-after amenities and attractive features. This heightened competition has led to instances where properties are selling well above asking price, with offer dates and bidding wars becoming increasingly common occurrences again.
However, it's essential to underscore that these dynamics vary significantly depending on the property type and neighborhood. While some areas experience fervent buyer interest, others may exhibit more subdued activity, highlighting the importance of nuanced market analysis and tailored marketing strategies.
Mortgage rates continued to show little movement last week, hovering around 6.8 percent. FreddieMac reported, 'Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.
What questions do you have about the market?
I'm happy to let you know what I am seeing on the ground. I've been seeing home throughout San Francisco and Marin, writing offers for clients, and I've been seeing what's really happening in our real estate market.
Yesterday, my clients closed escrow on 60 Santa Rita Avenue in Forest Hill, and on Friday, my wonderful buy-side clients will be closing on a beautiful property in Pacific Heights. I have a few clients I should be writing offers for this week; the market is busy. I'm happy to share what I'm seeing.
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Oliver Burgelman
Vanguard Properties
DRE# 01388135
sfresidential.com
415.244.5846 | [email protected]
