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July 20, 2017

Condo Market Still Flat at the 2017 Midpoint

If you’re searching for a home to buy, you may have noticed that there’s plenty of inventory in the condo market. While almost every single-family home that comes on the market slams into contract within a week or two with multiple offers, that isn’t really the case with condos. Many are selling for at or even below asking, and buyers aren’t typically paying 20% or more above the list price.

There are 341 condos available at the moment, with an average price-per-square-foot list price of $1,140. But interestingly, more than half of these units have been on the market for 21 days or more. (By San Francisco real estate standards, that amount of time hints at a property that’s sitting on the market.)

Where are the areas you’re most likely to score a potential deal? A good portion of inventory lies in SoMa and South Beach, especially in the $1,500,000-$4,000,000 range. But the larger buildings on Lombard in the North Waterfront, as well as those on the Van Ness corridor and in Nob Hill, are also good places to consider if you don’t want to compete with multiple buyers.

There’s plenty of inventory in new construction buildings like The District (2655 Bush); Rowan (338 Potrero), One Mission Bay (1000 Channel); The Austin (1545 Pine) and Knox (645 Texas).

Of course, condos that go into contract right away are typically located in neighborhoods where new construction and housing are limited—for example, Noe/Eureka Valleys, NoPa, Pacific Heights, Russian Hill, and Cole Valley. Units with architecturally rich features, popular retail corridors and easy access to public transportation go quickly. And buyers seem to snap up condos listed for under $1,000,000.

Sticking points for market sitters tend to be very high HOA dues ($700+), unusually restrictive CC&Rs (for example, no pets), or tenant-occupied units.

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