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September 9, 2024

Condo Market Climbs Out of Doldrums in Summer 2024

528 Douglass Yard

The condo market saw measureable year-over-year (YOY) improvements this past July and August, with volume and median price getting a boost despite what many local Realtors (including me) believed was a slow summer.

Buyers were certainly more focused on travel this summer than real estate. But 325 condos managed to sell in July and August (up 15% YOY) and for a median price of $1,112,500, also up slightly YOY from $1.1M.

Most buyers paid an average of less than one percent over asking. And only ten units closed for 20% or more over asking for properties in popular neighborhoods like Pacific Heights, Noe/Eureka Valleys and the Marina.

I’m happy to report that sales also improved in challenged areas like South Beach, Mission Bay, SoMa, Yerba Buena, Downtown & Financial District. The median sale price of $985,000 was up 16.5% YOY.

The luxury market saw 37 condos sell for $2M or more, with buyers largely paying less than asking. One exception was 528 Douglass in Noe Valley, a 3BR/2BA house-like condo with a gorgeous private garden (photo above, courtesy City Real Estate). Listed for $1,995,000, the sale closed for all cash at $2.4M.

On the flip side, the 3BR penthouse in the 24-unit Telegraph Terrace development at 1960 Grant #PH17 changed hands for well below its original list price of $5.9M. The 2,955 square foot, three-level unit had seven outdoor terraces and bridge-to-bridge views and closed for $5.5M all cash.

We have a lot of inventory to work through as we head into the fall. There are 684 condos on the market at a median list price of just under $1M, and another 100 in the MLS’ Coming Soon section. However, there are only 144 condos actually in contract. With any luck, The Fed will indeed start cutting interest rates and motivating some buyers to get into the market over the next few months.

{All data courtesy of the San Francisco Multiple Listing Service]

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