I started blogging several years ago about what I call “the holiday home stretch”—the time right after Thanksgiving through Dec 31st.
2020’s holiday home stretch is finding condo inventory at possibly the highest level ever, with 930 condos currently available. Compare that number to what was on the market in the same timeframe in 2014 (81), 2015 (241), 2016 (411), 2018 (417) and 2019 (388). We are literally swimming in condos in the city.
But it’s important to drill down to the details when it comes to what’s sitting on the market, and what’s going into contract quickly. It’s never a good idea to generalize about San Francisco real estate, because we are in no way a cookie-cutter city. We have different neighborhoods, property types and other variables that defy lumping all condos into the same bucket.
So here’s a quick breakdown on what’s sitting—and what’s selling in the SF condo market:
– Studios and 1BRs in Diamond Heights, along the Van Ness corridor, South Beach
– Hayes Valley units in newer buildings (388/555 Fulton, 300 Ivy, 8 Buchanan)
– 1-2BR units in Lower Pacific Heights, the Mission, Mission Bay, SoMa, Dogpatch
– 1-2BRs in large NoPa buildings
– 1BR condos in Pacific Heights, Downtown
– Nob Hill 2BR condos from $1.6M
– 2-3BR condos in the Hunters Point development (Shipyard)
– Condos in the $1.9M+ range, everywhere
– Updated 2-3BR condos in small Edwardian/Victorian buildings with parking, laundry and outdoor space going into contract quickly in the $1.3M-$1.8M range
– 1BRs under $1M with parking and in-unit laundry
It will take a few months for us to work through the existing condo inventory, as there will be new properties hitting the market after the new year that will add to the glut. Smart sellers will do what they need to do to get into contract before the end of the year.