Hello Friends!
As we mark the beginning of the holidays and the season of giving thanks, I want to extend my gratitude to all my clients, past and present. I thank you for your loyalty & referrals this year and every year. Wishing you and yours a happy Thanksgiving, with plenty of good food and good company!
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More headwinds hit the San Francisco real estate market as interest rates continue their rise (average 30-yr fixed is over 7%), and substantial layoffs in the tech industry occurred at Meta (11,000), Twitter (3,700), and Salesforce (1,000) in the past week or so.
At the same time, late last week, an inkling of good news on the inflation front sprouted the biggest 2-day pop in tech stocks since the financial crisis. This shows how quickly markets can change, and when considering a perpetually low inventory market like San Francisco, it also shows how waiting for the bottom can be an impossible and costly task.
We had the fewest number of transactions this October in San Francisco (total of 412) since 2011. The average # of sales in October from 2012 - 2021 was 584. That's nearly a 30% decline of the average.
The market now enters the 2-month holiday period which typically sees the year's lowest levels of activity: The numbers of new listings and of listings going into contract usually plunge to their annual nadirs, and an increasing percentage of sellers, especially in higher price segments, pull their homes off the market to await the new year. (Many listings taken off market in November and December will presumably be relisted in Q1 2023.) Still, buying and selling continues, though at reduced levels, and this can be an excellent time for buyers to aggressively negotiate prices.
Median sales price in October (Single-Family):
$1,680,000 | Down 6.7% year-over-year
Median sales price in October (Condos):
$1,215,000 | Down 2.8% year-over-year
If you have any specific questions about the market, feel free to reach out. And as always, click here for the full Bay Area Market Report.
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No one has ever become poor by giving ~Anne Frank
Since
1950, St. Anthony’s Dining Room serves all who come in for a meal, young & old, men/women, families with children, veterans, etc. The staff doesn’t ask questions, and no one is turned away. And they always serve meals with a smile.
If you are able,
please consider donating to their Virtual Donation Drive
. Your donation dollars go further with St. Anthony’s bulk purchasing power! Monetary donations enable them to purchase more of their most-needed items. Simply select a virtual item that corresponds to your preferred donation amount, and add it to the cart.
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Films with the San Francisco Symphony
Experience the magic of movies and music like never before this holiday season: Watch cinema favorites projected on the big screen at Davies Symphony Hall, and feel the thrill of every heart-racing, laugh-inducing, moving moment in real time as the score is performed LIVE by the SF Symphony. It's an experience you will not want to miss!
Check out The Godfather Live over Thanksgiving weekend or How the Grinch Stole Christmas & Elf in December to get you in the holiday spirit.
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The Best Wines to Serve at Thanksgiving
From a pre-dinner Lillet to a tried and true Lambrusco, the path to a stress free Thanksgiving is through these bottles.
The turkey will be the only thing dry at this year's table.
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West Coast Craft at Fort Mason,
You know the drill: More than 200 artists and designers will be selling gorgeous goods, plus there will be food, cocktails, music, and views of the bay. Grab a friend and shop till you drop!
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YIKES, I WAS HACKED!!
Unfortunately, I wasn't able to recover my hacked Instagram account. It's a bummer but life goes on.
Feel free to follow to get a lot of updates. I'd really appreciate it & I love seeing your post too!
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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 2022 ¦ 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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