SF House Market Report: Q1 2024

The initial quarter of 2024 kicked off a combined bag of activity throughout the San Francisco property marketplace. Though quantity was lackluster, median value was up and overbidding was continue to a common action.

Listed here&#8217s a nearer glance at what took place more than the past three months:

Volume took a dive. 376 one-family homes sold in Q1 2024, down 25% from the 500 that shut in Q4 2023. (It&#8217s value mentioning that the final quarter of the calendar year usually reflects profits in the more robust fall offering period.)

But we saw an uptick in the median cost. With a $1,620,000 median price, the last quarter bested Q4 2023&#8217s $1,540,000 median.

Purchaser overbidding is plainly usually the plan. So considerably for a winter current market doldrum: Potential buyers paid out more than inquiring for 64% of all properties sold, and 17% of product sales shut for 20% or much more around listing value. This was most notable, unsurprisingly, in the Sunset, Parkside and Richmond. These neighborhoods have been hotspots for customers trying to find one-family properties below $2M. For illustration, the modest and not long ago current 3BR/2BA, 1,224 square foot home at 2026 47th Avenue detailed for $1,195,000 transformed palms for $1,725,000. (Photo courtesy of Pacific Edge.)

The luxury sector designed an anemic exhibiting. Much less than a quarter of all profits landed in the $3M+ variety. The providing sample in this cost selection differed in that most residences shut for at or below their listing price ranges. Of system, there&#8217s generally one particular that bucks the craze the 4BR Eureka Valley home at 285 Douglass detailed for $2,950,000 shut for a whopping $3,760,000. At the reverse finish of the spectrum was the Marina&#8217s mainly rebuilt property at 25 Rico, which marketed for all funds effectively beneath its $7.9M list price at $7,150,000.

Stock test. There are 244 homes on the market at an average list cost of $3,220,000. 101 of these residences have been on the industry for 30+ times at an common list price tag of $4,275,265.  39 properties are in deal with an typical list selling price of $2,338,764.

Professional Tips:

Sellers: Your agent should be guiding you on optimum assets presentation, and also be alerting you to possible crimson flags when it arrives to bank loan or insurance policies difficulties. Don&#8217t get caught off guard in escrow with complications  you could&#8217ve been organized to cope with.

Customers: The bulk of this calendar year&#8217s inventory will be coming on the market place amongst now and June. Spring is generally the peak time of yr, with yet another stock improve next in the September to mid-November timeframe. Make the most of what&#8217s out there.

[All data courtesy of the San Francisco Multiple Listing Service]

The write-up SF House Marketplace Report: Q1 2024 1st appeared on Within San Francisco Genuine Estate.