In San Francisco, median home sales prices are shaking off their winter chill, though they're not hitting their 2022 springtime high notes just yet. Single family homes are still the rock stars of the market, outperforming condos, especially those in the downtown and SoMa areas. It seems these condos are still hitting some sour notes due to a medley of social and economic factors.
Talk about a "listing limbo"! Both new listings and home sales are at their lowest in a year, but hey, they're inching back up from the mid-winter lows. The tempo of home sales has picked up the beat, with homes selling faster and more often above their asking price. Luxury home sales, while not matching their pandemic high, are crooning a more upbeat tune than late 2022.
Marin County, on the other hand, is seeing a rapid climb in median home sales prices from their winter lows. New listings are at a 20-year low, contributing to a rising crescendo of home prices. As the spring thaw sets in, home sales are picking up tempo, selling at a faster rate and often above their asking price. Luxury homes, though not quite reaching their pandemic peak, are making a comeback.
And let's not forget the interest rate rollercoaster, with rates just below 7% as we hit early June, we should hopefully see them drop sooner than later, especially with the Fed’s decision to not raise rates during their June 14th meeting. As for home insurance, while State Farm and Allstate are bowing out of writing new policies in CA, others are still happily insuring your humble abodes, not to worry.
So there you have it, your spring real estate recap. Keep your seatbelts fastened, folks! This ride is far from over. As always, reach out to our team if you have any questions, we're here to help.