What’s New in San Francisco Real Estate
Analytics and charts from Compass
The spring market is in full swing and buyer activity has been brisk with increased attendance at open houses. First quarter data for 2024 indicate that both home and condo sales prices increased from Q1 of 2023. Based on current market indicators and what I’m seeing on the ground, it seems likely that we will see home price increases continue in the second quarter of 2024.
Home Sales Volume
Monthly home sales volume reflects offers that were accepted in the previous month. March 2024 sales were down from the previous year, but based on pending sale activity, we should see that increase substantially in April.
House Price Trends
Q1 median house sales prices in San Francisco were up 7.5% compared to Q1 2023.
Condo Price Trends
The median condo sales price in Q1 2024 was up 3.5% from Q1 2023.
Active Listings
Of the listings for sale on April 1, 27% were houses and 73% were condos, co-ops, and TICs.
New Listings Coming on Market by Year
Year over year, the number of new listings in March 2024 was only slightly up from February, but 10.5% higher compared to March 2023.
Listings Accepting Offers
The number of listings going into contract in March 2024 was the highest since mid-2022, indicating a busier market this spring.
Overbidding List Prices
Moving into spring, the percentage of homes selling over list price continues to rise. 69% of houses sold over list, and 35% of condos sold over list.
Days on Market
Days on market for both houses and condos continue to go down, but houses continue to sell at a much quicker pace than condos.
Price Reductions on Active Listings
Mortgage Interest Rates
In the weeks leading up to April, the weekly average, 30-year conforming-loan interest rate has oscillated between 6.74% and 6.94%, but creeped up over 7% the week of April 9 after the latest inflation reports.
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.
