Real Estate Market Update for May 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
Brisk market activity in the first quarter of 2024 saw the number of sales in April surge to its highest monthly count since mid-2022. While interest rates ticked up slightly in recent weeks, we just saw rates go down the week of May 9, and demand remains steady, particularly for single family homes.
Home Sales Volume
Home sales in April were up 22% compared to April 2023.
Home Value Trends
Appreciation Rates
Year-over-year appreciation has rebounded in the first quarter of 2024.
New Listings
In April, the number of new listings rose 18% from March levels, and 30% year-over-year.
Active and Coming Soon Listings
Of listings for sale on May 1, 26% were houses and 74% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
The number of listings going into contract in March and April were the highest since mid-2022.
Average Days on Market
Overbidding List Prices
The percentage of homes selling over list price continues to increase. For houses, 73% sold over list and 40% of condos sold over list in April. The overall percentage for all home sales was 55%, the highest since mid-2022.
Average Sales to List Price
House sales averaged a sale price 12.% over asking in April while condos averaged a sale at asking price. Both represented the highest percentages since mid-2022.
House Market Dynamics
Year-over-year, the median house sales price in April was up 9.5%.
Condo Market Dynamics
Mortgage Interest Rates
Mortgage interest rates rose slightly recently, as inflation rates remained high. But, for the week ending May 9, mortgage rates fell for the first time in five weeks, with the average rate for a 30-year fixed home loan dropping from 7.22% last week to 7.09% for the week ending May 9, according to Freddie Mac.
The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information.
