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April 10, 2024

SF Condo Market Report: Q1 2024

2226 Green

The San Francisco condo market didn’t take any dramatic turns over the first quarter of 2024. The median price jumped up slightly, and and there were a few significant luxury market sales. And oh, yes: Buyers were willing to overbid for the right property and location.

Here’s Q1 2024’s condo progress report:

Volume and median price check. 399 condos sold at a median price of $1,140,000. This was roughly the same volume (413 sold) as the previous quarter, and a 6% increase in the median price.

Average price per square foot went up. Q1 2024’s $1,023 was up from the previous quarter’s $970. This is a bit unusual, given that the fall is typically the more robust time of year for real estate.

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

1BRs | 103 sold | $729,000 median price

2BRs | 188 sold | $1,225,000

3BRs | 80 sold | $1,755,000

Most condos sold at or under their list prices, with a handful of substantial overbids. Condos sold for an average of 1% under list price. However, a few units sold for 20% or more in neighborhoods like Noe and Eureka Valleys, Ashbury Heights and Russian Hill. One standout was the outcome at 409 Jersey in Noe Valley. The fully detached, house-like Victorian condo had two bedrooms, one bath, office, private deck, parking and is one block from the 24th Street retail corridor. Listed for $1,295,000, the unit sold for $1,710,000.

The luxury market soldiered on. 48 condos sold from $2M-$7.6M. Which brings us to the photo above of 2226 Green in Pacific Heights. The 3BR/3.5BA view unit was renovated in 2017 and hit the market in October 2023 for $7,750,000. No buyers materialized and the sellers withdrew the listing at the end of the year. Flash forward to January 2024, and Green returned to the market for the same price. The sale closed a month later for all cash at $7.6M. (Photo courtesy of Sotheby’s International Realty)

There’s plenty of condo inventory. But a lot fewer units are actually going into contract. There are just over 600 condo listings but only around 210 units in contract.

Pro Tips:
Spring is our peak real estate season. Get your property on the market before June if that’s workable. After that, buyer activity breaks up a bit with vacations and other summer distractions.

Buyers: You have a lot to choose from, but keep in mind that you’ll have competition for any remodeled, two-bedroom condos with parking in great locations. On the other hand, you can negotiate more deftly in areas like SoMa, South Beach and Mission Bay due to the high inventory levels.

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

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