Hi folks, here’s our latest update on the San Francisco real estate market for March 2024, covering data up through February 2024. The big headline is…
As we move into the spring of 2024, there is a growing sense that San Francisco has hit its post-pandemic low and is now on the path to a substantial recovery.
Confidence in the city's future as a financial and cultural center is gaining steam. Many see San Francisco (and our Silicon Valley neighbors to the south) at the heart of the next big technology boom, particularly in the field of artificial intelligence. Despite the challenges faced in recent years, San Francisco remains one of the world's great cities.
Substantial improvements in macroeconomic factors are contributing to the recovery of San Francisco's housing market.
These positive trends are beginning to manifest across a wide range of indicators as we enter the spring selling season, which is typically the most active time of the year in the San Francisco real estate market.
NOTE: Click the images in this post to view an interactive graph of the data.
In February 2024, sold listings in San Francisco were up 39% year-over-year.
In February 2024, listings that sold for $3M+ in San Francisco increased by two thirds (66.7%) year-over-year.
Month-to-month in February, the median San Francisco single-family home (house) sales price increased 2.3% over January 2024.
The median condo price in San Francisco has increased more dramatically, gaining 5.8% from January to February 2024.
When it comes to San Francisco condos, supply and demand still varies.
Condo prices in the areas of Downtown, South of Market, and Van Ness/Civic Center (MLS districts 8A, 8F, and 9F respectively) are still at a lower level than the rest of San Francisco.
This has been the case since ~ 2015 when condos in the rest of SF, mainly comprised of smaller and older buildings, appreciated faster than condos in the downtown areas.
However, the price appreciation we’re seeing now is city-wide among all SF condos. So far in this San Francisco real estate market recovery, the rising tide lifts all boats.
As of February, the ‘months of supply’—meaning how many months it would take for all active listings to sell, at the current pace of demand, if no others hit the market—was up 18.2% annually at 2.6 months. But this doesn’t tell quite the whole story.
As usual, single-family homes are in tighter supply at 1.4 months (a strong seller’s market), while condo supply is at 3.6 months (leaning toward a seller’s market but more balanced).
It’s clear that sellers are feeling increasingly confident in their prospects and deciding to make their move in 2024. This increase in listing supply is welcome for any buyer or seller hoping for a smooth transition to their next home.
Hopefully you find this information helpful for your own real estate decisions. If you’d like to discuss your personal situation in depth and see if we’re a good fit to help, reach out and let’s chat.
As top 1% San Francisco real estate agents since 2002, our team at Danielle Lazier / Vivre Real Estate are specialists in buying, selling, property marketing and transaction management who have helped nearly 1000 neighbors to navigate more than $1 billion in SF real estate sales.
When the time comes, we’d love to help you too. Click here to contact us.
