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September 28, 2020

Large SF Condo Inventory Available for First-Time Home Buyers

Corona has ushered in a period of real estate movement in San Francisco. It seems like everyone is making big decisions about where they’re living—and where they might want to live in the future. Working from home is the new normal, as is spending more time at home.

Many city condo owners are deciding to stay in San Francisco and trading up to a large single-family home. I’m seeing this firsthand while showing my new listing at 517 8th Avenue in the Inner Richmond. Almost all of the prospective buyers own condos and are on the hunt for a house with three or four bedrooms, office space and a yard.

And when these buyers do purchase that single-family home, they’re likely going to list their condo and will add to the 1,245+ units currently available. (Those who can’t get the price they want for their condo may decide to rent out the property, adding to a glut of rental condos already on the market.)

It all comes down to where the inventory is, and how many buyers there are for it all. If you’re starting out and looking for your first home, consider one-bedrooms (average citywide price of $1,136,000) or two-bedrooms (average price of $1.5M) that you can afford—particularly if they have amenities like in-unit laundry, outdoor space, and of course, parking. You’ll likely do fine in the long run, and be able to see some appreciation when you’re ready to make your next move.

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