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September 14, 2023

SF Condo Market Report: Summer 2023

188 Minna 25CD View

Summer saw volume and median price decline from last summer, and almost half of all current inventory has been on the market for 30 days or more. We very likely will need some time before we see a marked improvement for this segment of the real estate market.

But let’s drill down on summer activity (June 1 – August 31, 2023) for some context:

Volume check. There were 435 closed condo sales—a 35% drop in volume from summer 2022’s 673 sales.

Median price:  Summer’s median condo price of $1,135,000 was a 5% decline from last summer ($1,198,500).

Price per square foot: The average price per square foot for a condo was $1,011. Yep, that was a 7.3% dip from last summer, too ($1,091).

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

1BRs | 122 sold | $713,500 median price

2BRs | 190 sold | $1.2M

3BRs | 95 sold | $1,625,000

There were few big overbids this summer. Four condos traded for 20% or more over list, and they were located in Noe/Eureka Valleys, Mission Dolores and Pacific Heights. But most condos sold for at or below the list price. This was most noticeable in the still-challenged areas of South Beach, SoMa and Yerba Buena.  The 94 sales in these neighborhoods closed at an average of 5% below asking.

The luxury condo market is still gasping for air. Sales in the $2M+ range (40) dropped by half in comparison to last summer. The three high flyers that bucked the trend were two units at Lumina (for $3M and $4.2M) and one at the St. Regis at 188 Minna #25CD. This unit was the product of two merged condos that created a two-bedroom home with 3,400+ square feet and those views you see above (photo courtesy Compass). Listed back in March for $6.5M, the property closed for $5.7M in all cash in mid-August.

The condo market isn’t enjoying its finest moment. We have almost 700 units on the market and 130 in contract. Given that we had only those 435 sales throughout the whole summer, it seems like it’ll be a while before we work through the fall inventory.

Pro Tips:
It’s a sound idea to price your condo close to the asking price, and make sure the expected value is in line with similar units that have sold over the past three months.

Buyers: This is a great time to jump into the market if your buying power is in line with the median prices.

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

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