Condo sales this past May were quite respectable in terms of volume and value, though the condo market is a bit soft as we head into the summer months.
A total of 296 condos sold in May 2022, down from 363 reported sales in May 2021. And the average price for a condo was $1,415,952, up from $1,371,276 last May.
Only 53 condos sold for $2M or more, which tells me that demand has slowed for luxury condos.
There were, however, 39 instances of 20%-$66% overbids. That included 117 Lyon (see photo above, courtesy Avenue 8 Inc.), a five-bedroom unit with that huge, deeded yard. Listed for $2.7M, the sale closed for $4.5M. Most of the larger overbids happened in various neighborhoods within what we Realtors call “District 5,” which encompasses areas like Noe/Eureka Valleys, Corona Heights, Cole Valley and Mission Dolores.
But let’s get back to that slowing demand. There are currently 839 active condo listings citywide, but only 286 are in contract. Interestingly, 85% of the active listings are priced at $2M or less. So it’s not as if all the luxury, multi-million dollar condos are responsible for clogging up the inventory. What San Francisco real estate needs right now are condo buyers at all price points to take advantage of the excess inventory and snap up their piece of the city.