Skip to main content

February 19, 2024

Condo Market On The Upswing in 2024

409 Jersey

The San Francisco condo market is coming back to life after a slow 2023. We saw a 15.5% year-over-year (YOY) jump in closed condo sales in the first six weeks of 2024, which means more buyers are starting to get into the mix as interest rates stabilize.

There was also a 1.5% bump in the YOY median sale price, from $1,088,000 to $1,105,000. The average price per square foot was $1,025 and condos spent an average of 70 days on market. Yes, patience is still the top virtue to have for a condo seller in the current market.

The selling pattern isn’t geared toward overbidding. Only 26 of 171 units closed for above list price. Of course, there’s always one that bucks the trend. 409 Jersey was a fully detached, street-facing Victorian cottage with two bedrooms, one bath, garage parking around the corner from the 24th Street Noe Valley corridor. Buyers paid $410,000 (32%+) over the list price and the 1,210-square foot property closed last week for $1,710,000. (Photo courtesy of Compass). The sale is a good example of the type of fully loaded condo in a prime location that truly resonates with buyers and sells quickly.

We currently have 532 condos on the market at a median list price of $998,000, and only 162 units in contract.

Pro Tips:
Buyers: Yes, interest rates are higher. But you may be surprised to find that you can afford a place you love. There are 270 condos available for up to $1M and 56 units for up to $500,000. If you’re preapproved for a loan, take a shot at one that meets some or all of your criteria. You may be able to negotiate a deal that can work for everyone involved.

Sellers: I’ll say it again: Be patient. Unless you have a unit that checks all the boxes, there will be a narrower buyer pool and it will take longer for your home to sell. Make sure you’re priced competitively against the competition, too.

[All data courtesy of SF Multiple Listing service]

Explore All Posts

Blogging Since 2008

Posts by Neighborhood

Posts by Category

Posts by Year