San Francisco condo prices in June jumped up year over year from $1,385,058 to $1.4M. This sort of bucks the current trend of the softened condo market that we’re experiencing. However, price-per-square foot declined from $1134 in June 2021 to $1124 this past June.
Volume was also down. Buyers closed on 400 condos in June 2021, but only 261 units changed hands this past June.
Overbidding on condos is on the wane. June’s average overbid was only 5.5%. And a majority of units in large downtown buildings sold for under or at the list price. There were 24 condos that actually did sell for 20%+ above the list price. Most of these units were clustered in Noe/Eureka Valleys and Mission Dolores, areas that command high buyer demand regardless of market conditions. The prize for the highest overbid was the 2BR/2BA, 1150-square foot unit with sweeping Bay views at 346 Liberty, listed for $1,379,000 and sold for $2M.
The most popular price point was the $1M – $1.5M range, and only seven condos sold for $3M+. The luxury condo market is definitely taking a hit right now.
Here’s a quick breakdown of the averages by number of bedrooms:
1BRs: 74 sold | $905,000 avge price
2BRs: 130 sold | $1,468,700 avge
3BRs: 48 sold | $1.9M avge
The most expensive condo sold last month was tenant-occupied 1960 Grant #1, a 4BR/2.5BA unit with Bay and Golden Gate Bridge views (see photo above, courtesy Sotheby’s International Realty). Buyers paid $6.1M in an all-cash transaction.