March 2024 Market Update

The National Association of Realtors seeks to settle federal lawsuits, a move many are?heralding as pivotal but it is too early to tell how much more of an impact this will have or if this will be the resolution. The settlement has (or had) not been accepted as of this writing, a fact that is easy to miss the way the news has been presented. Business practices have already changed at most brokerages as well.

San Francisco's average price went down to $1,600,808 in February from?$1,786,159 in January. Unemployment is at a 2 year high as tech companies continue layoffs. Amid environmental concerns,?pro-development lawmakers seek "carve outs" from environmental regulations:to accommodate low income housing on the city's west side.. Voters passed Prop A approving $300 million for affordable housing. A new affordable housing tower has been proposed in Chinatown. Affordable lunchtime favorite Lee's Deli has closed their last two locations;?once numbering at least 16 locations in SoMa and the Financial District.

Berkeley's average price decreased to $1,334,274 in February from $1,474,404 in January.? City council voted to return the Shellmound, a little over 2 acres of land to the Oholone tribe, they?regard it as a sacred site.? Developers are looking to build twice as many buildings near the North Berkeley Station than previously proposed. People's Park protesters have dismantled their mutual aid center on Telegraph and Dwight Way.

Oakland's average sales price went up to $942,254 in February from?$821,835 in January. At least two dozen hillside houses are dealing with potential landslides after a contractor allegedly blocked an underground stream. The Port of Oakland is to undergo a cyber review focused on new cranes amid cyber attacks in other parts of the east bay. Rooted in Oakland signage is coming off the Coliseum even as the A's renegotiate their lease

.San Jose's average price went down to $1,350,781?in February from $1,379,260 in January.The Kaiser Hospital on the south side is to be replaced. The city was recently ranked #3 happiest city by WalletHub, and?#4 among best places to live by US News and World Report.? King Road is being targeted for repairs. The State Water Board is threatening to fine the city if homeless encampments by the rivers are not cleared by June of next year.?

Although there are those reporting that the job market is,"strong"?and has added jobs despite mass layoffs in the tech industry,?unemployment is continuing upward,?in the Silicon Valley, Nvidia is now worth more than Amazon, Google, or Meta. New Construction has reportedly brought down rents on the national level.

Multifamily and other commercial loans coming due combined with recent interest rate hikes?will increase costs for a lot of owners. The market is strong underneath the veil of uncertainty, but many forced sales will occur.

Uche Nchekwube is a full service real estate broker active throughout the Bay Area. Text or call (415)322-0774 or send an email to [email protected] to get help to buy/sell real estate or more information on affordable housing. Information here is not legal advice, for information purposes only, deemed reliable at time of posting subject to errors, omissions and change at any time.

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