What’s New in San Francisco Real Estate
Analytics and charts from Compass
As we enter February, the market is already warming up. Open house visitor numbers have surged, new listings have risen, the pipeline of coming soon listings is higher than last year, and the number of homes going into contract is climbing rapidly. With dramatic improvements since October in interest rates, stock markets, and consumer confidence, the pace of the market is accelerating.
The inventory of house listings remains very low, and the demand vs. supply dynamic remains tight in that segment. The supply of condo listings is considerably higher, and while condo and house sales numbers are similar, condo inventory is 130% higher. As always, market conditions are still varying significantly between neighborhoods.
January statistics based on closed sales–sales prices, sales volume, days-on-market, overbidding percentages–mostly reflect listings that went into contract in late 2023, the slowest market of the year. Spring, typically the most active selling season, should see substantial changes in these indicators.
Home Sales Volume
Year over year sales volume was basically unchanged in January 2024. The sales in January reflect market activity in December, which is typically the slowest month of the year.
House Price Trends
The median house sales price in January 2024 was up about 2% from January 2023.
Condo Price Trends
Year over year, the median condo sales price was up about 1% in January 2024.
Active and Coming Soon Listings
Of the listings for sale on February 1, 28% were houses and 72% were condos, co-ops, TICS, and townhouses.
New Listings Coming on Market by Year
New listings in January 2024 were up about 14% compared to January 2023.
Listings Accepting Offers
Year over year, the number of listings accepting offers in January 2024 was up more than 30%.
Overbidding List Prices
Overbidding continues to be more common for house sales than condo sales. The lower reading in January reflects the slow market in December 2023.
Days on Market
Houses continue to have significantly lower days on market than condos.
Mortgage Interest Rates
As of February 1, the weekly average 30-year interest rate was 6.63%. The latest round of economic reports released the week of February 5 indicated a strong economy; as a result, bond rates went up a bit, and mortgage increased slightly to just below 7%.
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.
