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July 17, 2023

SF Condo Market Report: June 2023

370 Church E Living Room

We’re still seeing lots of condo inventory in San Francisco, and I’m hoping buyers take advantage of the recently lower interest rates to purchase some of the available units. June’s activity rounded out a subdued spring for the condo market. We’re looking forward to the fall for more robust sales in 2023.

Here’s what we saw in June:

Volume check. Only 157 condos closed in June, which was a whopping 41.6% year-over-year (YOY) drop.

Median price:  June saw a $1,135,000 median price. This was a 12% decline from last June’s $1,289,000 median price.

Price per square foot: The average price per square foot for a condo in June was $1,033. This was a 7% YOY slide.

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

1BRs | 46 sold | $708,500 median price

2BRs | 70 sold | $1,225,000

3BRs | 32 sold | $1,715,000

There were only three big overbids in June. A trio of condos in Buena Vista/Ashbury Heights, Eureka Valley and the Marina were the only units for which buyers paid 20% or more over list price. The biggest overbid was for 370 Church #E, a two-bedroom, two-bath house-like unit in a 30-unit development. Listed for $995,000, the unit sold for 30.65% over asking for $1.3M. (Photo courtesy Dream SF Real Estate) Of the 154 condos sold in June, 64 traded for above list price.

The luxury condo market is still slow. Higher-end buyers snapped up 16 units ranging in price from $2M-$4.2M. The biggest sale was the 2BR/2.5BA, custom penthouse unit at Lumina in South Beach. 201 Folsom #42AB was initially listed in May 2022 for $6,250,000. More than a year later, it closed for $4.2M.

SF condos are stagnant this summer. There are just under 600 condos on the market, at a median list price of $1.1M. The neighborhoods with the most inventory are Dogpatch, Diamond Heights, Downtown, Hayes Valley, Mission, Nob Hill, Russian Hill, South Beach, Van Ness/Civic Center, Yerba Buena, SoMa.

We need to boost the condo absorption rate.  Only 134 units are actually in contract as of this writing, so we have a long way to go before the 600+ units on the market are absorbed. The median list price for these in-contract units is $995,000.

Pro Tips:
Make sure your condo presents well online. This is not the time to skimp on pre-sale work like painting, floor refinishing and staging.

Buyers: Stay up to date on your loan preapproval. Interest rates are fluctuating and you should have a solid grip on what you can afford.

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

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