SAN FRANCISCO MAY 2022 WRAP-UP

With summer now upon us, the market is showing signs of cooling. Sales numbers and active listings decreased for the second month in a row this year while price reductions are on the rise. However, this remains property and neighborhood specific; Many listings are still selling quickly and for well over asking. Yearly comparisons on median sales price and median price per square foot recorded positively for both single family homes and condominiums. When segmenting data by price, properties in the entry segment of the market (less than $1MM) have been most impacted by rising interest rates. The luxury segment ($3MM+), primarily single family homes, have been less affected.

It is also important to remember the seasonality of San Francisco; After peaking in spring, activity typically slows through summer with autumn seeing another spike before the holiday slowdown in winter.

Single Family Residences

YEAR-OVER-YEAR COMPARISON

SINGLE FAMILY RESIDENCES

Median Area Values

TOP FIVE SALES IN MAY 2022

SINGLE FAMILY RESIDENCES

**315 LAUREL STREET**
Presidio Heights

$9,250,000 $1,676/sq. ft.
6 bed / 6 bath 5,519 sq. ft.

MEDIAN SALE PRICE

MEDIAN MARKET TIME

MARIN COUNTY MARKET UPDATE MAY 2022

With summer now upon us, the market is showing clear signs of cooling. The number of new and active listings decreased again last month; though this time the number of pending sales, the median sales price and the median price per square foot saw downward movement as well. That being said, most listings are still selling quickly and for well above asking; appreciation metrics remain high on a year-over-year basis. When an overheated market cools, the change is typically gradual. It is also important to remember the seasonality of the Bay Area market; after peaking in spring, activity typically slows through summer with autumn seeing another spike before the holiday slowdown in winter.

Mortgage rates rose last week with FreddieMac reporting that, 'After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data. The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back. The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home.'