San Francisco endured one of its most challenging sales quarters of recent record in Q3 of 2022. Sales are drastically down with only 1382 total sales compared to 1979 in Q3 ‘21; aka 31%.

The average price in SF (all property types) was $1,572,000 in 06/01, and is down to $1,360,000 as of 10/01, signaling the correction from a strong seller's market to somewhat more of a regular market.

Typical real estate markets across the U.S. act very similarly to the one we are experiencing today; ~ 6 months of inventory available, properties taking closer to a month to sell, and buyers have the more ability to negotiate prices & terms.

If you’ve been hoping for a more favorable market to get a deal on the buying side, this is the best opportunity that we’ve seen since 2009.

The Condominium Market

The condominium market on the Northside was one of few San Francisco pockets that actually grew in Q3; the Average price jumped from $1.71M to $2.15M, with significantly fewer total sales than in previous quarters. This is a function of location, location, and location. In depressed markets, buyers value location more than ever.

The Median Market

With only 3 median house sales across the entire Northside, it's hard to correlate sales data. 3x sales averaged $4.3M, compared to the typical median value of $5.2M we've seen in quarters past.

The Luxury Market

Similar to the median market, only 3x sales recorded for luxury properties in Q3. Although the average price for a luxury estate has dipped from $11.4M to $9.3M in recent months, there are buyers out their for top-of-the-market properties.

Projecting Ahead To Next Month/Quarter

With interest rates rising seemingly month after month, and Thanksgiving & The Holidays on the horizon, Q4 doesn’t project well as the turn of this market.

Instead, given the current trends, Q4 should be viewed by buyers as one of the most opportunistic times to buy property in the past decade. Most seller’s opting to try and sell in this market are doing so out of necessity, and it’s worth remembering that most sellers have seen 50-60% appreciation over the past 5 years which allows for significant wiggle room on final sales price should buyers get the opportunity to negotiate rather than a be in a multiple offer situation.

I anticipate the Fall market to run from October 1st through ~ Thanksgiving, then we’ll see a significant lull in listings on the market, sales volume, etc.