How is the San Francisco housing market? As the 2nd quarter ends and we march into summer, the answer really depends upon the property type.
Single family homes in the City continue to be in high demand. There were 647 single family home sales in the 2nd quarter. These homes sold after an average of 29 days for an average of 113.7% of the list price! The frenzy in the single family market was due to aggressive pricing strategies on the part of sellers coupled with historically low inventory of available homes, which stood at just 1.5 months supply in June. The average price paid per square foot for a home in SF increased 1.5% over June 2023 and now stands at $1044/sf.
In stark contrast, the SF condo market has softened year over year. At the end of the 2nd quarter, inventory of available condos was far higher, at 4 months of supply. The average time a condo sold in Q2 was 43 days and the price that buyers were willing to pay per square foot fell over the course of the quarter, from $1036 in March to $977 in June, which also represents a 7% decline in prices from June 2023.
Condos with high monthly dues have suffered the most price erosion, since high dues add to the monthly cost of ownership and push it far out of reach for many buyers in this high interest rate climate.
We in the agent community are hopeful that anticipated fed rate cuts in the latter half of the year will begin to motivate would-be sellers to put their homes on the market, increasing overall inventory and transaction volume.
For specific data on your neighborhood or another property category, or for a market evaluation of your home, please reach out and I'd be glad to offer guidance. I am here to help you!
Average % of List Price Received - San Francisco Single Family Homes
Average $/SF - San Francisco Single Family Homes
Months Supply of Inventory - San Francisco Condos
Average $/SF - San Francisco Condos
