Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

San Francisco Housing Market Update July 2023 -- Single Family Homes in San Francisco

Name: San Francisco Housing Market Update July 2023 -- Single Family Homes in San Francisco
Uploaded: 2023-08-12T01:00:13+00:00
Duration: 49 s
Channel: Austin Klar
Description: In this July 2023 market update, Austin Klar explains that the San Francisco single‑family home market is experiencing a short‑term, seasonal slowdown as…

12 Aug 2023 · 1 min

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In this July 2023 market update, Austin Klar explains that the San Francisco single‑family home market is experiencing a short‑term, seasonal slowdown as summer approaches, but he argues there is no sign of a broader crash. He points to a decline in the average sale price per square foot for June and July and a drop in overall average sale price since the spring peak. Despite these price declines, key indicators remain strong: homes stay on the market for under 30 days, the inventory is tight at 1.8 months of supply (up slightly month‑over‑month), and properties are still selling above list price at about 102% of asking. Klar concludes the market remains a seller’s market and invites viewers to follow him for future updates or request more detailed information.

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Market for single-family homes in San Francisco is slowing down heading into summer, but no, I don't think it's any evidence of an impending market crash. As you can see with the blue graph at the bottom, the average sale price per foot is down for the second month in a row, June and July. And as you can see in the red line at the top, the average sale price is also down since it peaked in the spring. The reasons I think this is more seasonal and not evidence of a longer downward trend is because days on market remain relatively constant, under 30 days, and the month supply of homes is still really constrained at just 1.8 months, even though it is up month over month. 1.8 months of supply. That means if no new homes came to market, it would take less than 2 months for all existing single-family homes in San Francisco to completely sell out. So we are still very much in seller's market territory. And you can see that as evidenced by the red line at the top, where the average home is selling for over ask, 102% of list price. Follow me for more updates and reach out if you want more information.