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April 10, 2023

SF Condo Market Report: March 2023

2229 Beach Exterior

Buyers and sellers are doing business and our Spring market is in motion. March’s condo numbers leapfrogged over the previous two months of 2023, which is good news. Because if the spring is slow, that doesn’t bode well for the summer or fall. Here’s how things shook out in March for condos:

Median price was a little wobbly. March saw a $1,150,000 median condo price, slightly down from February’s $1,192,500.

Price per square foot was down, too. The average price per square foot for a condo in March was $1,016—again, down from February’s $1,026 average.

But volume was up. 200 closed sales bested February’s (120) and January’s (86) total number of closed transactions. Activity is picking up!

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

1BRs | 51 sold | $772,164 avge price

2BRs | 90 sold | $1,293,156

3BRs | 46 sold | $1,681,791

Most condos sold for under their list prices. Roughly 40% of all condos sold did so for above the list price, but two units in Laurel and Pacific Heights closed for 20%+ over asking.

Cash sales are trending upward. Buyers paid cash for 26% of all condos sold in the first quarter of 2023, up from 21% in Q4 2022.

Luxury condo buyers weren’t quite up to speed. Only 15 condos closed for $2M or more, ranging in price from $2.1M – $3,250,000. The perseverance prize  went to the agents and sellers of 2229 Beach, on the market for 202 days. The 3BR/2BA, 2250-square foot top-floor Marina condo was purchased in 2021 as a fixer for $1.9M. The owners renovated the property and put it on the market in August 2022 for $3,095,000. Navigating one cancelled contract and multiple price reductions, the sellers were able to snag a cash buyer who paid $2,725,000 for the condo last month.

Look where the inventory lies. There were 525 active condo listings as of this writing, and only 174 listings in contract. So there’s plenty of inventory waiting to be sold, most notably in Dogpatch, Financial District, Hayes Valley, Inner Mission, Lower Pacific Heights, Nob Hill, Pacific Heights, Russian Hill, South Beach, SoMa, Van Ness corridor and Yerba Buena.

Current mood: Get outta my way, spring is here and we’re ready to roll!

Pro Tips:
If there’s a lot of inventory similar to your condo that you’ll soon be listing, make sure you’re realistic about your home’s value. You don’t want to be a market sitter. It doesn’t do anybody any good.

Buyers: Don’t be afraid to make a below-asking offer on a condo that’s been sitting on the market for 30 days or more. Kick something out there and see if you can come to terms with the seller. You won’t get anywhere doing nothing.

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

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