Real Estate Market Update for March 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
There is a growing sense that in 2023 San Francisco hit its post-pandemic low and that it has now begun a significant recovery. Along with macroeconomic improvements in interest rates (though they ticked up a little in February), financial markets and consumer confidence, we are beginning to see a recovery in the housing market. A variety of indicators are showing signs of the market heating up as we move into the spring selling season, typically the most active time of year.
Home Sales Volume
In February, home sales were up 32% compared to February 2023.
House Price Trends
The median house sales price in February was up 3.3% compared to February 2023.
Condo Price Trends
The median condo sales price in February was up 5.5% compared to February 2023.
Active and Coming Soon Listings
The number of active and coming soon listings on the first day of February were fairly similar to the previous two years. Of the listings for sale as of February 1, 2024, 27% were houses and 73% were condos, co-ops, and townhouses.
New Listings Coming on Market by Year
Year over year, the number of new listings was up about 11% in February 2024.
Listings Accepting Offers & Pending Sale
The absorption rate in February, particularly for houses, jumped dramatically, indicating a more competitive market. Listings accepting offers should continue to increase as we head into the spring market.
Overbidding List Prices
Sales to list price percentages increased in February 2024, and are well up year over year, with homes selling over list increasing 28%.
Days on Market
Days on market for both houses and condos dropped dramatically in February, indicating that properties are selling faster and the market is heating up.
Price Reductions on Active Listings
Mortgage Interest Rates
While rates ticked up near 7% in late February, as of March 28, Freddie Mac reported the weekly average 30-year interest rate at 6.79%.
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.
