Skip to main content
0 hidden height 0 0 none auto .01 .4 power4.out 1 none .25 1 .75 .05 0 1 hidden 0 .01 .25 power4.out 0 .25 0 1 0 hidden

March 3, 2022

2BR Condos in South Beach, SoMa Rebound in 2022

The Infinity in South Beach

Two-bedroom condos in South Beach, Yerba Buena, South of Market and Mission Bay have rebounded significantly in price and demand since the Covid shutdown in 2020. On the other hand, one bedrooms have taken a steady dive over the past two years. Both types of condos are on the upswing, however, as an increasing number of downtown San Francisco employers announce back-to-the-office returns.

It all makes sense, as buyers have been eagerly seeking condos with home office space since the Covid shutdown. Though the 2020 and 2021 average prices for two bedrooms were similar, this year has seen a 10.5% increase in that average. Same goes for the average price per square foot, which rose from $1,114 in 2020 to $1,305 in 2022.

The numbers go in the opposite direction for the one bedrooms, with the average price falling 7.4% since 2020. Similarly, the price per square foot has taken a dive from $1,068 in 2020 to $990 year-to-date.

The takeaway here is that buyers looking for one-bedroom condos in these neighborhoods should take advantage of the softer market. Those looking for deals on  two-bedroom condos may be increasingly out of luck, particularly as we see that shift back to the office. I presently have buyer clients seeking one- and two- bedroom condos near downtown because they’re planning to head to their offices again.

Here’s a quick look at all the data:

Sales in Mission Bay, Yerba Buena, South Beach and South of Market
2BR Condos
Avge Price
2020: $1,449,516
2021: $1,489,824
2022: $1,647,692

Avge Price Per Sq Ft
2020: $1,114
2021: $1,158
2022: $1,305

 

1BR Condos
Avge Price
2020: $886,441
2021: $868,792
2022: $820,726

Avge Price Per Sq Ft
2020: $1,068
2021: $1,048
2022: $990

Please give me a shout if you’re considering buying or selling a condo in these neighborhoods. I’m up to speed on market activity and will work to serve your best interests. I’m at eileen@insidesfre.com | 415.823.4656.

 

Explore All Posts

Blogging Since 2008

Posts by Neighborhood

Posts by Category

Posts by Year