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July 3, 2024

SF Condo Market Report: Q2 2024

1918 Jackson

The condo market gained traction in the second quarter as sales volume got a boost and even the luxury category made a stronger showing. This activity bodes well for the second half of 2024 as buyers and sellers adjust to the new interest rate normal.

Here’s Q2 2024’s condo progress report:

Volume and average price check. 570 condos sold at an average price of $1,250,356. This was an 8% jump from Q2 2023’s volume, though we saw a slight dip in Q2 2024’s average price ($1,250,356) vs. that of Q2 2023 ($1,269,845).

Average price per square foot was also a bit lower. Q2 2024’s $1,012 was down from the same time last year ($1,021).

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

1BRs | 153 sold | $766,287 avge price

2BRs | 270 sold | $1,257,028

3BRs | 112 sold | $1,833,048

Overbidding is back in the game. 40% of all condos changed hands for above the list price, which is a big turnaround from the past year. In fact, 21 condos sold for 20% or more over asking,  with quite a few of those high flyers centered in what we Realtors identify as districts 5 and 6—central neighborhoods such as Noe/Eureka Valleys, NoPa, Corona Heights and Mission Dolores, with a little north end thrown in. However, sales continue to be flat in large buildings in downtown/Financial District, South Beach, Yerba Buena, SoMa, and Mission Bay. Condos there are taking longer to sell and most are closing for below their list prices.

The luxury market surprised me, in a good way. 66 condos sold for $2M and up, with 24 closing above the list price and almost half selling for all cash. This is a big improvement over the past year’s activity. What seems to be attracting those exuberant cash offers are large view condos in prime locations. For example, 1918 Jackson was a two-level 3BR/3.5BA, 2,845-sq ft unit with incredible Bay views. Listed for $2,495,000 and closed for $3,260,289 all cash. (Photo courtesy of City Real Estate). And let’s not overlook the 4BR/3.5BA, 2,780-sq ft view condo across the street from Huntington Park at 1170 Sacramento #10D. The sale closed for all cash at $3.3M—a big step up from its $2.5M list price.

Now let’s work through current inventory. There are 626 active condo listings at an average asking price of $1,463,000. A whopping 76% of these units have been on market for 30 days or more But only 177 condos are in contract (and the average list price for this batch is much lower, at $1,181,437).  Sellers cancelled 231 listings in the second quarter. It’s worth noting that 66% of these cancelled listings were situated in buildings with eight or more units.

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

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