SF House & Condo/TIC/Coop Market Metrics, November 2022

Dec 12, 2022

The following is adapted from the November 2022 Monthly Indicators report published by the San Francisco Association of REALTORS®.

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.

In San Francisco, year over year, New Listings were down 12.3 percent for single-family homes and 41.9 percent for Condo/TIC/Coop properties. Pending Sales decreased 31.7 percent for single-family homes and 49.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 20.2 percent to $1,500,000 for single-family homes and 8.9 percent to $1,148,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 21.4 percent for single-family units and 6.9 percent for Condo/TIC/Coop units.

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77 percent more on their loan per month compared to the same period a year ago, according to Realtor.com.

DISTRICT 1

Central Richmond, Inner Richmond, Jordan Park / Laurel Heights, Lake Street, Lone Mountain, Outer Richmond, Sea Cliff

DISTRICT 2

Central Sunset, Golden Gate Heights, Inner Parkside, Inner Sunset, Outer Parkside, Outer Sunset, Parkside

DISTRICT 3

Ingleside, Ingleside Heights, Lake Shore, Lakeside, Merced Heights, Merced Manor, Pine Lake Park, Stonestown

DISTRICT 4

Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park

DISTRICT 5

Buena Vista / Ashbury Heights, Clarendon Heights, Cole Valley / Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley / Dolores Heights, Glen Park, Haight Ashbury, Mission Dolores, Noe Valley, Twin Peaks

DISTRICT 6

Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition

DISTRICT 7

Cow Hollow, Marina District, Pacific Heights, Presidio Heights

DISTRICT 8

Downtown, Financial District, Nob Hill, North Beach, North Waterfront, Russian Hill, Civic Center, Telegraph Hill, Tenderloin

DISTRICT 9

Bernal Heights, Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach, South of Market, Yerba Buena

DISTRICT 10

Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood, Mission Terrance, Outer Mission, Portola, Silver Terrace, Visitacion Valley