Real Estate Market Update for December 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
The market has been moving into the mid-winter holiday slowdown, which typically results in the lowest number of new listings coming on the market and homes going into contract in December. Homes are still being listed and sold, but at a slower pace.
While it’s impossible to know where the market will be in 2025, in the last several years, demand rebounded substantially early in the new year and then accelerated into spring. As always, much depends on political and macroeconomic factors that are hard to predict.
Home Sales Volume
Sales in November 2024 increased 22% year over year. 49% of the sales were houses, and 51% were condos, co-ops, TICs, and townhouses.
Year over year, 2024 year to date sales were up approximately 11% from 2023. House sales rose about 14% and condo-co-op and TIC sales increased 8.5%.
San Francisco Value Trends
Until the pandemic, the median price per square foot value for condos ran higher than for houses, but that dynamic has changed.
New Listings
New listings activity dropped in November, as is typical at this time of year, and will likely decline further in December.
Active and Coming Soon Listings
The number of active and coming soon listings on December 1, 2024 declined from the previous month and were slightly down year over year. Of the listings for sale, 27.5% were houses and 72.5% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
The number of listings going into contract in November declined from October’s levels (the fall market was fueled by a surge of new listings in September).
Absorption Rate
The absorption rate in November 2024 was much higher year over year, but dropped from October’s highs. For houses, the absorption rate was 32% and for condos it was 17%.
Average Days on Market
Houses continue to sell at a much faster rate than condos. Typically, homes sell most quickly in spring and early fall.
Sales Over List Price
In November 2024, house sales averaged a sales price 9% over list price, while condos averaged a sale price 3.5% below list price.
Overbidding List Prices
The percentage of homes that closed over list price was 72% and for condos, 30%.
Price Reductions on Active Listings
The number of price reductions in October 2024 was at its highest count of the year, but dropped down in November, as anticipated.
House Price Trends
The 3-month rolling median house sales price in November 2024 was up 5% year over year.
Condo Price Trends
The 3-month rolling median condo sales price in November 2024 was up 9% year over year.
Mortgage Rates
As of the first week of December, 30-year conforming mortgage interest rates were ticking down again, but still about a half point above early October’s rates.
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.
