Entering 2023, the US housing market approached cautiously, with a sense of restraint and watchfulness. Comparing San Francisco’s median sales prices of different property types (single family homes, condominiums, TIC’s and coops) to the previous year showed a notable 8.5% decline.
- Single family homes had a 16% decrease in the median sales price.
- Condos/TICs/Coops had a 6.5% decrease in the median sales price.
With a slowdown in sales, homes are staying on the market for longer periods, averaging 26 days, as reported by NAR. Seller concessions have made a come back which grants buyers additional time and leverage during negotiations, enhancing their home shopping experience.
Stay tuned for February’s numbers.
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