The San Francisco market started out the 3rd quarter sluggishly. The summer months are often a slower time for property sales in the City, and this year proved no different. In fact, sales volume across the City has fallen steadily since May to some of the lowest levels in recent memory. In September there were 288 sales of 1-4 unit properties, a 10.3% drop from September of last year.
Despite the lower sales volume, we still saw the expected burst of inventory hit the market after Labor Day. Last month there were 927 new property listings in SF, of which 381 were houses and 453 were condos. These numbers are consistent with last September, which saw 937 new listings hit the market.
Single family homes in the City continue to out-perform condos. There were 515 single family home sales in the 3rd quarter. These homes sold after an average of 25 days on the market for an average of 112.4% of the list price. The average price paid per square foot for a home in SF increased 5.9% over September 2023 to $1024/sf.
Having suffered considerably over the last 2 years, the SF condo market finally seems to be recovering. The price per square foot for condos has steadily increased since June, reaching $1048/sf in September, a 1.9% increase over September of last year. During the 3rd quarter, condos sold after an average of 55 days on the market for an average of $101% of list price.
The Fed's September rate cut of .5% is sure to fuel the rest of the fall market and should continue to help the condo market recover. We anticipate further rate cuts over the next few months and we are hopeful that, as loans become more affordable, more buyers will enter the market. Given all of the economic signs, we anticipate 2025 will bring increases in both sales volume and prices!
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!
New Listings, San Francisco - 1-4 Units
Sold Listings, San Francisco - 1-4 Units
Average $/SF, San Francisco - Single Family Homes
Average $/SF, San Francisco - Condos
