Feature image for SF: March 2023 Market Stats

March 10, 2023

SF: March 2023 Market Stats

By Compass

After the acute decline in market activity occurring in the and half of 2022, buyer demand rebounded dramatically and most market indicators turned positive in early 2023: Open house traffic, number of offers, and overbidding and absorption rates all saw improvement. 

It is too early for significant effects to show up in home prices: Indeed, through February, 3-month-rolling median house sales prices saw year-over-year declines across all Bay Area counties (These percentage declines should be regarded cautiously until substantiated over the longer term.) Even with the striking improvement in demand over late 2022, most year-over-year indicators remain depressed, but these comparisons are with the severely overheated conditions prevailing at the peak of a 10-year housing market upcycle. 

The market was still just waking up in February. March through May is typically the most active listing and sales period of the year, and should soon provide much more data on supply, demand, and price trends. Over the last 3 years, spring markets were deeply affected, in very different and often surprising ways, by the onset of the pandemic (2020), the pandemic boom (2021), and soaring interest rates (2022).

As has been the case for the last 14 months, the biggest wildcard remains interest rates: After dropping considerably in January from a November peak, they climbed again in February, with big impacts on loan application rates. It has been very challenging to predict short-term interest rate changes. Another major factor is the substantial decrease in the number of new listings coming on the market, a critical issue with wide ramifications if it continues.

Mortgage Interest Rates, Long-Term Trends since 1976San Francisco HOUSE Sales Statistics Late 2022/Early 2023 Market, 4 Months Sales*San Francisco 2-BR/2-BA CONDO Sales Late 2022/Early 2023, 4 Months Sales*San Francisco House Price Trends since 1990San Francisco Year-over-Year HOUSE Appreciation Rates since 2020 Percentage Change in Year-over-Year, 3-Month-Rolling Median House Sales Price*San Francisco Condo Price Trends since 2005San Francisco Year-over-Year 2-BR CONDO Appreciation Rates since 2020New Listings Coming on MarketNew Listings Coming on Market: Broad, Long-Term TrendsSan Francisco Homes MarketSan Francisco: Supply of InventoryListings Accepting Offers- Longer-Term TrendsPercentage of Listings Accepting OffersMonthly Sales VolumeSan Francisco Higher-Price Home SalesSan Francisco Long-Term Luxury Home Sales TrendsPrice Reductions on Active ListingsOverbidding List Prices in San FranciscoAverage Sales Price to Original List Price PercentageAverage Days on Market

Want to learn more about Bay Area market trends?

Let’s connect! With relationships and networks across the city, there are a variety of ways I can help you make informed real estate decisions. Call, email, or text – I’m here to help.