The San Francisco rental marketplace didn&#8217t just take any spectacular turns over the initial quarter of 2024. The median value jumped up a little bit, and and there have been a couple of substantial luxurious sector revenue. And oh, yes: Purchasers had been inclined to overbid for the right property and area.

Here’s Q1 2024&#8217s condo progress report:

Volume and median price tag check out. 399 condos bought at a median price tag of $1,140,000. This was approximately the identical volume (413 offered) as the past quarter, and a 6% boost in the median cost.

Typical price tag per square foot went up. Q1 2024&#8217s $1,023 was up from the past quarter&#8217s $970. This is a bit strange, specified that the drop is usually the additional robust time of year for actual estate.

Drill down: In this article&#8217s a quick search at how the most preferred condominium categories did:

1BRs | 103 bought | $729,000 median price tag

2BRs | 188 offered | $1,225,000

3BRs | 80 sold | $1,755,000

Most condos sold at or underneath their record price ranges, with a handful of significant overbids. Condos bought for an normal of 1% below listing cost. Nevertheless, a couple units bought for 20% or more in neighborhoods like Noe and Eureka Valleys, Ashbury Heights and Russian Hill. One standout was the consequence at 409 Jersey in Noe Valley. The entirely detached, home-like Victorian condominium experienced two bedrooms, one tub, office, personal deck, parking and is a single block from the 24th Street retail corridor. Mentioned for $1,295,000, the device sold for $1,710,000.

The luxury market place soldiered on. 48 condos sold from $2M-$7.6M. Which provides us to the picture higher than of 2226 Eco-friendly in Pacific Heights. The 3BR/3.5BA check out device was renovated in 2017 and strike the industry in October 2023 for $7,750,000. No consumers materialized and the sellers withdrew the listing at the finish of the year. Flash ahead to January 2024, and Environmentally friendly returned to the market for the same value. The sale shut a month later on for all cash at $7.6M.

There&#8217s a good deal of apartment stock. But a ton much less models are basically likely into contract. There are just around 600 rental listings but only close to 210 models in deal.

Professional Strategies:
Sellers: Spring is our peak real estate time. Get your home on the market prior to June if that&#8217s workable. Soon after that, consumer action breaks up a bit with holidays and other summer months interruptions.

Prospective buyers: You have a great deal to opt for from, but keep in mind that you&#8217ll have competitiveness for any remodeled, two-bedroom condos with parking in terrific spots. On the other hand, you can negotiate extra deftly in places like SoMa, South Beach and Mission Bay due to the high stock concentrations.

{All data courtesy of the San Francisco Numerous Listing Support]

The submit SF Apartment Current market Report: Q1 2024 very first appeared on Within San Francisco Genuine Estate.