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March 9, 2023

SF Condo Market Report: February 2023

2121 Webster 507 Living Room

Price and volume saw a boost in February as we moved out of the holiday doldrums. Here’s what went down:

Median price is on the rise. February’s median price was $1,192,500, besting January’s $1,038,500 median.

Price per square foot was up, too. The average price per square foot for a condo in February was $1,026. This was much better than January’s $965 average.

And so was volume. 118 sales were a step up from January, when only 86 condos closed.

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

1BRs | 24 sold | $737,374 avge price

2BRs | 59 sold | $1,324,798

3BRs | 25 sold | $1,759,000

Most condos sold for under their list prices. 70% of all condos sold at or below asking. But there was a trio that changed hands for 20% or above list price in the Lake, Inner Sunset and Bayview Heights neighborhoods.

Luxury condo buyers are starting to wake up. Volume doubled from January as 13 condos closed escrow in February for $2M+. These units ranged in price from $2M – $8.4M.

Newer construction in prime, well-established neighborhoods is still king. The Pacific at 2121 Webster in Pacific Heights continues to command top dollar, as it’s one of the rare condo buildings constructed in the past decade in the heart of the neighborhood. #507–-a 2BR/2BA unit with 1,940 square feet and city views–came on the market at the end of January for $4.5M and closed three days later for $4,980,000 in an all-cash sale. Yes, that translates into $2,500/square foot. (Photo above courtesy Sotheby’s International Realty)

Current mood: Eagerly anticipating the Spring inventory!

Pro Tips:
Consider making an eye-catching price reduction if your condo has been on the market at the same price for 21 or more days. You don’t want to be dragging into the Spring with a high days on market count because you’ll get lost in the mix.

Buyers: Keep those one-, two- and three-bedroom price averages above in mind as you search for your next home. They’ll be a good guideline for current values.

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

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