SAN FRANCISCO
The total number of new listings (single family homes and condos) in each two-week period since the first of the year have been down consistently compared to the same periods in 2022. We would expect that to change after July since that's when mortgage interest rates began to increase and new listings fell.
For condos, the number of price reductions rose from 73, in the most recent two week period, to 93 in the prior two week period.
The number of sales of single family homes in April rose to 165 compared to 148 in March. However, the average sales price fell from $2,282,000 to $2,149,000 (almost 6%).
Condo sales fell 10% to 208 compared to March but the average sales price increased 12% to $1,377,000.
Inventory for single family homes rose to 323 compared to 267 in March, a 20% jump. The number of condo listings remained unchanged at 623.
Overall, San Francisco remains well below typical sales number for the first four months of the year.
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MARIN
Average selling price for single family homes in Marin in April was down but just slightly (1.4%) from $2,158.000 to $2,129,000. However, of the six configurations of homes we track, four of them had average selling prices increase compared to March.
The average condo sales price was also down more significant at $809,000 compared to $946,000 in March, almost 15%.
Inventory, as is normal this time of year, is up compared to March with 213 single family homes on the market compared to 130 in March.
Comparing first quarter sales this year vs 2022 of the six configurations of single family homes we track, the number of sales was down from 248 to 153, an almost 40% decline. There was a similar 31% decline in condo sales for the four configurations we track.
