
Condo Market Climbs Out of Doldrums in Summer 2024
The condo market saw measureable year-over-year improvements this past July and August.
sf condo market
The condo market saw measureable year-over-year improvements this past July and August.
The condo market gained traction in the second quarter as sales volume got a boost and even the luxury category made a stronger showing.
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.
The condo market finished on a stable note over the last quarter of 2023, with a minimal year-over-year decline in median price.
We saw YOY median price and volume declines, but some buyers bucked the trend and really went for it when it came to spacious, updated flats in older buildings.
We saw year-over-year (YOY) drops in volume and median price in September, but the luxury market came to life with a $17.5M penthouse closing after almost 500 days on the market.
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’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.
The San Francisco condo market is still sluggish, with way more units on the market than there are in contract. The good news, however, is that buyers don’t appear to be giving up on purchasing condos in the city.
Values trended up in April despite the ongoing buyer-seller condo stalemate.
Condo median price and volume leapfrogged over the previous two months of 2023—good news for San Francisco’s condo market.
Price and volume saw a boost in February as we moved out of the holiday doldrums.
The condo market showed signs of life in January, with a higher year-over-year median price and new buyers getting into the mix.
The holiday season wasn’t kind to the condo market as volume and price both took dives in December.
With plenty of inventory and comparatively minimal closed sales, October wasn’t exactly a model month for the San Francisco condo market.