Spring 2024 Condo Market Holds Steady

The San Francisco condo market—while not as strong as its single-family home counterpart—has been holding its own this spring. Buyers seem to have accepted that higher interest rates are here to stay for the foreseeable future, and are moving ahead with purchases.

419 condos sold in April-May 2024 at an average of $1,250,000 and $1,025 per square foot, with units selling for an average of 2% over the list price. But 20 condos sold for 20% or more over asking, and sales were scattered across a variety of price points and neighborhoods, from the Marina and Pacific Heights to NoPa and the Outer Richmond.

One overbidding standout was 3350 Laguna #301 in the Marina. The top-floor 2BR/2BA unit with park and Golden Gate Bridge views and dated finishes was listed for $1,195,000 and sold for $1,672,000. (Photo above courtesy Corcoran Icon Properties)

Here’s the breakdown of popular condo types:

1BRs
107 sold
Avge price: $781,787
Avge price/sq ft: $970

2BRs
210 sold
Avge price: $1,275,000
Avge price/sq ft: $1,058

3BRs
77  sold
Avge price: $1,840,000
Avge price/sq ft: $1,051

The large buildings in SoMa, South Beach, Yerba Buena, Mission Bay, FiDi and Downtown are still seeing sluggish sales. Only 98 units sold, with 36 condo in contract and 266 units currently on the market. Buyers haven’t been flocking to $2M+ condos, either. 44 units sold in this range in neighborhoods like Cow Hollow, Pacific Heights, South Beach and Nob Hill.

There are just under 700 condos on the market citywide, with 459 of those on the market for 30 days or more. And fewer than 100 units are in contract. We have a fair amount of inventory to get through over the summer.

June will likely be spring’s last gasp before buyers and sellers disperse and head off to vacations and time off in the summer. But properties that check all the boxes—good locations, great natural light, remodeled, two bathrooms, parking, in-unit laundry and views or nice outlooks—will continue attracting qualified buyers.

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