Hello Friends!
I hope everyone had a wonderful Passover + Easter weekend. The sun is finally back and the city
feels alive again! See below for the latest market stats as well as the current cultural events that you
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The Market Continues to Recover, But with Many Dynamics at Play
Buyer demand continued to rebound from the depths of the mid-winter slowdown: The number and percentage of listings going into contract, and overbidding percentages continued to climb, and days-on-market to drop as the spring selling season gained traction. Buyers generally shrugged off the local banking crisis, the main effect of which, so far, has been a significant drop in interest rates in the 4 weeks after SVB collapsed and First Republic first came under pressure.
The number of new listings coming on market continues to be extremely low, as many potential sellers hold off from listing their homes due to the doubling of interest rates since early 2022: This constitutes a huge factor in market dynamics and is undoubtedly holding back sales activity.
Across the Bay Area, year-over-year sales declines in the highest price segments have outpaced drops for less expensive homes, and their demand-to-supply ratio — the number of sales compared to the number of listings for sale — is much weaker. Luxury home sales have been hit harder since the market correction began in mid-2022, though they too have been rebounding in 2023.
April, May & June sales volumes are commonly among the highest of the year, and this is especially true for luxury home sales.
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Below is the full complete Market Report
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It's that time of year again. No, not tax season, but it does ironically coincide with SF Restaurant week. Coincidence, I think not! Participating restaurants throughout the city are offering special discounted menus, starting today through Sunday, April 23rd. Snag a rezzy while you can!
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Mountain Winery Concerts
One of the most beautiful concert venues in the US, the architecture and historic nature of the Mountain Winery Amphitheatre provides a truly unique concert experience. Tickets go on sale today for the 2023 Concert Series. With a line up from Yacht Rock to Tori Amos to the Beach Boys, they've got all genres covered.
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SF Art Market
The Bay Area’s longest running art fair, returns to Fort Mason’s Festival Pavilion next weekend (April 20-23rd) with 85 top galleries from around the world. If
this is a must!
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Pickin on the Polk
Like a mini Hardly Strictly Bluegrass taking over an entire neighborhood, this special Earth Day Festival will temporarily transform Polk Street into a free, all-day bluegrass (plus rock, R&B and funk) festival featuring renowned artists playing throughout the neighborhood on Saturday, April 20th.
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SFIFF
11 Days of Movie Magic! Tickets are on sale now for the 66th San Francisco International Film Festival. Featuring Bay Area Voices, Global Narratives & Documentaries, star guests, and more.
Last night we attended the highly anticipated screening for Stephen Curry: Underrated in Oakland at the Grand Lake Theatre. Even with a packed house, I still managed to run into two SF Realtors at the event. My partner Chris joked that he can run, but he can't
hide from us :)
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*Seek advice and counsel of a medical professional and/or officials prior to going outdoors or any items mentioned in the above.
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© Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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