Condo Market On The Upswing in 2024

The San Francisco condominium current market is coming back to lifetime soon after a gradual 2023. We saw a 15.5% calendar year-about-calendar year (YOY) jump in closed apartment income in the 1st 6 weeks of 2024, which means additional potential buyers are beginning to get into the mix as fascination prices stabilize.

There was also a 1.5% bump in the YOY median sale cost, from $1,088,000 to $1,105,000. The ordinary selling price for every square foot was $1,025 and condos spent an average of 70 days on current market. Yes, patience is still the best advantage to have for a condominium vendor in the existing sector.

The advertising pattern isn’t geared toward overbidding. Only 26 of 171 units closed for above record selling price. Of study course, there is always a person that bucks the craze. 409 Jersey was a entirely detached, avenue-facing Victorian cottage with two bedrooms, a single bath, garage parking about the corner from the 24th Street Noe Valley corridor. Buyers paid $410,000 (32%+) about the checklist price tag and the 1,210-sq. foot house shut previous 7 days for $1,710,000. (Photo courtesy of Compass). The sale is a great case in point of the type of completely loaded condo in a key area that definitely resonates with prospective buyers and sells promptly.

We at this time have 532 condos on the sector at a median list selling price of $998,000, and only 162 models in deal.

Pro Suggestions:
Buyers: Indeed, desire prices are larger. But you might be astonished to locate that you can pay for a location you like. There are 270 condos readily available for up to $1M and 56 units for up to $500,000. If you’re preapproved for a mortgage, consider a shot at a person that meets some or all of your requirements. You may well be equipped to negotiate a offer that can function for absolutely everyone concerned.

Sellers: I’ll say it yet again: Be affected person. Until you have a device that checks all the containers, there will be a narrower consumer pool and it will just take for a longer time for your property to market. Make sure you’re priced competitively in opposition to the competition, also.

[All data courtesy of SF Multiple Listing service]