Real Estate Market Update for November 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
Year-over-year, median house and condo sales prices were up in October 2024. Sales activity (as measured by the number of listings that went into contract) hit its highest point since spring 2022. The absorption rate, which measures buyer demand versus the supply of homes for sale, hit its highest percentage since spring 2022. Days on market declined and overbidding increased. While the number of price reductions in October were at its highest this year (a typical seasonal trend), they were considerably lower compared to October of last year. As we approach the mid-winter holiday season, we will likely see listing and sales activity decrease through the end of the year.
Home Sales Volume
Monthly sales volume increased nearly 19% year-over-year in October and year-to-date sales were up about 11% compared to the same time last year. 53% of sales were houses and 47% were condos, co-ops, TICs, and townhouses.
San Francisco Value Trends
For many years, the median price per square foot for condos ran higher than for houses, but since the pandemic and the increased demand for single-family homes that dynamic has changed.
New Listings
New listings in 2024 were at their highest for the year in September, but dropped down in October, which is a typical seasonal trend. New listings should continue to decline in November and December.
Active and Coming Soon Listings
Active and coming soon listings were down year over year as of November 1. Of the listings for sale, 28% were houses and 72% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
The number of listings going into contract in October increased to its highest monthly count since the spring of 2022.
Absorption Rate
In October 2024, the absorption rate hit its highest since the spring of 2022. For houses, the absorption rate was 39% and for condos it was 18%, reflecting the higher demand for houses in the market.
Average Days on Market
Houses continue to sell much faster than condos. Both property types typically sell most quickly in spring and early fall.
Sales Over List Price
House sales averaged a sales price almost 12% over list price, while condos averaged a sale price at around the list price.
Overbidding List Prices
The overall percentage of homes sold over list was 62%, but for houses alone it was 77% and for condos 44%.
Price Reductions on Active Listings
Price reductions in October 2024 climbed to its highest peak of the year, but was down year-over-year. Price reductions tend to peak in October before the mid-winter market slowdown.
House Price Trends
The median house sales price in October 2024 was up about 2% year over year, but well below the 2022 peak.
Condo Price Trends
The median condo sales price in October 2024 was up about 5.5% year over year, but below the 2022 peak.
Mortgage Rates
Interest rates continued to rise in October and early November. As of November 7, the weekly average 30-year conforming loan interest rate increased to 6.79%. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10%.
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.
