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November 27, 2023

Welcome To The 2023 Holiday Home Stretch

Castro House for Holidays

The San Francisco holiday home stretch is on! I am betting that buyers and sellers will be making some deals between now and the end of 2023. Serious sellers will be keeping the higher interest rates in mind and will be prepared to negotiate. Buyers who are preapproved for a loan or can pay in all cash may be motivated to get into a new place before New Year’s at the right price.

Here’s a look at what’s out there:
Single-Family Homes
Number available: 301
Median list price: $1,750,000
Avge days on market (DOM): 79
Where the inventory is: Bernal Heights, Eureka Valley, Excelsior, Glen Park, Pacific Heights, Visitacion Valley
Take Note: More than half of all single-family home inventory is listed for $2M or less—the sweet spot for San Francisco houses. And there are 51 homes listed for $5M+ which have been on the market for an average of four months. It’s worth mentioning that 239 houses have been on the market for 30 days or more. These homes range in price from $875,888 for a small 2BR/1BA house with no garage in the Excelsior to $32M for the 11,000-square foot manse on Pacific Heights’ Gold Coast (also with no garage). And let’s not forget about the Robin Williams’ estate at 540 El Camino Del Mar, which is still available for $25M.

Number available: 655
Median list price: $1,100,000
Avge DOM: 94
Where the inventory is: Financial District, Hayes Valley, Inner Mission, Mission Bay, Nob Hill, North Waterfront, Pacific Heights, Russian Hill, South Beach, South of Market, Van Ness/Civic Center, Yerba Buena
Take Note: 85% of all condos currently listed have been on the market for 30 days or more (yikes). Almost 40% of all condo inventory is located in SoMa, South Beach, Mission Bay and Yerba Buena, and these condos have a median list price of $1,150,000 with an average DOM of 118. If you have any interest at all in a unit within a large building in one of these neighborhoods, now is the time to strike.

Number available: 70
Median list price: $955,000
Avge DOM: 77
Where the inventory is: Inner Richmond, Nob Hill, Russian Hill, Inner Mission
Take Note: There are 27 two-bedroom and 10 three-bedroom TICs listed for under $1M in convenient locations. Focus on location when it comes to TICs, because their value lies in scoring a better location for the money than that of a condo. Better yet if you can get two bathrooms and parking.

[Photo courtesy Nick Bastone, Axios Media]

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