Skip to main content

October 23, 2024

Flat Fall 2024 for SF Condo Market

338 Spear 35D

Condo market activity this fall hasn’t changed much since the summer. Honestly, I was having deja vu writing this post because it was virtually the same as my last update. But I think two factors have held back condo market growth. One is the upcoming election, which is likely putting buyers on pause as they wait to see if the new administration change will affect things like tax and economic policies—among other things. Secondly, interest rates haven’t fallen substantially this fall.

Here’s what’s gone down in the condo market from Sept 1 – Oct 15, 2024:

Not much change in volume and average price. 209 condos sold at an average price of $1,313,090. Year-over-year (YOY) volume was virtually the same (210 units sold), and the YOY average price was only slightly higher at $1,320,000.

But average price per square foot is up this fall. Buyers paid an average of $1,046/sq ft, up from $998 at the same time last year.

Drill down: Here’s a quick look at how the most popular condo categories did:

1BRs | 57 sold | $721,305 avge price

2BRs | 98 sold | $1,321,566

3BRs | 38 sold | $2,094,000

Buyers aren’t shying away from overbidding. Just under 40% of all condos sold for above their list prices, similar to activity over the summer. Though most of the condos in larger buildings in South Beach, Mission Bay, Yerba Buena, SoMa and downtown/Financial District sold for under or at asking, neighborhoods such as Noe/Eureka Valleys and Duboce Triangle saw properties with overbid clusters.

Water view luxury units fetch top dollar. 36 condos sold for $2M and up, with 40% of units in this range closing for above list price. Contrary to popular opinion that areas like South Beach are experiencing soft markets, a 3BR/3BA penthouse unit at The Infinity (338 Spear, photo above courtesy Christie’s International RE San Francisco) with big water views closed for $2,995,000 after sitting on the market for a good portion of this year. (The sellers also saw some appreciation since their 2021 purchase at $2,880,000.) Mira at 280 Spear across the street also saw a pair of high-flying 3BR sales at $4.7M and $3.6M, both of which had massive water views.

There’s a disconnect between active and pending listings. We have about two months before 2024 wraps up to make a dent in the 775 active condo listings that have been on the market for an average of 82 days. Unfortunately, there are only 184 units actually in contract, signaling that it will take a while to absorb current inventory.

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

Explore All Posts

Blogging Since 2008

Posts by Neighborhood

Posts by Category

Posts by Year