San Francisco Market Report

June 2024

Introduction

Happy June!

It’s graduation season, a time to celebrate educational achievements from the smallest kindergarteners to the most accomplished doctoral dynamos. As someone who has greatly benefited from education, I’m thrilled to cheer on each graduate’s success.

Side by side photo of Helena Zaludova, San Francisco Real Estate agent and her husband Seth, holding tickets to the Daily Show

Adventures in NYC! Last week was packed with excitement—I had the incredible opportunity to attend a live taping of The Daily Show with Jon Stewart in New York City. It was a fantastic experience, and I even got to catch up with some of my favorite colleagues from Compass. A big shoutout to my husband for organizing this amazing trip on such short notice!

Market Buzz: Hot Home Prices and More!

  • Record Prices: May’s 3-month rolling median house sales price reached a new high since mid-2022 at $1,735,000, while condo prices slightly dipped by 1% year-over-year to $1,135,500.
  • Sales Surge: This year has seen a 12% increase in home sales volume compared to 2023, with luxury home sales over $5 million up a staggering 62%.
  • Over Asking Frenzy: The demand is high with 82% of houses and 44% of condos selling above asking price in May. Houses averaged 13% over list, and condos about 0.5%—the highest since mid-2022.
  • Speedy Sales: Homes are moving quickly with average days on market at the lowest point in a year.
  • Rate Reality: Interest rates for 30-year loans have stabilized around 7% in May and early June, with an estimated 30% to 40% of national homebuyers opting to pay all cash.
  • Wealth Wave: With stock markets hitting all-time highs, household wealth has been bolstered. However, expect a slowdown in home listing and sales activity over the summer.
Photo of San Francisco from the top of the hill, looking out into the bay, during the summer.

Summer Vibes: Enjoy the warmth and relaxation of the coming summer months, and stay tuned for more updates and insights into the real estate market! Here’s to a joyful and successful summer ahead!

San Francisco Homes for Sale

Active & Upcoming Listings by Price Segment as of June 1, 2024

In San Francisco, condos, co-ops, and TICs significantly outnumber house listings, particularly in the under $1,500,000 price range.

Additionally, San Francisco boasts the largest market for luxury and ultra-luxury condos and co-ops in the Bay Area. Despite this, the housing market demonstrates more robust dynamics, with higher demand and lower inventory than other property types.

As of June 1, 2024, only 27% of the listings were houses, while a substantial 73% comprised condos, co-ops, TICs, and townhouses.

Bar graph showing San Francisco Homes for Sale in the month of May

*These figures are based on active and coming-soon listings recorded on the NorCal MLS Alliance. It’s important to note that not all homes for sale are listed on MLS, particularly many new-project condo listings. The provided data is deemed reliable but may contain errors and is subject to revision. All numbers are approximate and subject to change.

San Francisco Higher Price & Luxury House Market

House Sales of $4,000,000+, by District, 12 Months Sales

Over the past year, San Francisco's luxury house market recorded 14 sales exceeding $10 million, including three properties that sold for over $20 million, as reported to MLS. Additionally, one listing is currently pending sale. There is also a noteworthy sale for $5,550,000 in Golden Gate Heights (District 2).

Notable Sales by District:

  • Pacific & Presidio Heights/Cow Hollow/Marina (D7)
  • Noe, Eureka & Cole Valleys/Ashbury Heights, Buena Vista Park (D5)
  • Sea Cliff/Lake Street/Jordan Park/Richmond District (D1)
  • St. Francis Wood/Forest Hill Monterey Heights (D4)
  • Russian, Nob & Telegraph Hills (D8)
  • Potrero Hill/Inner Mission Bernal Heights (D9)
  • Lower Pacific Heights/Hayes Valley/Alamo Square (D6)

*These sales and pending sales were reported to the NorCal MLS Alliance by late May 2024. It’s important to note that not all luxury home sales are reported, and some pending sales may not close. The neighborhood groupings correspond to SF Realtor districts and often include adjacent neighborhoods that are not listed. The provided data is considered reliable but may contain errors and is subject to revisions. All numbers are approximate.

San Francisco Luxury Condo, Co-op, TIC & Townhouse Market

Sales Prices of $2.5 Million+, by District, 12 Months Sales

In the past year, the luxury condo, co-op, TIC, and townhouse market in San Francisco saw significant activity, particularly in high-end neighborhoods. Many of these sales were concentrated in areas like South Beach, SoMa, Yerba Buena, and Treasure Island (District 9). Note that some new-project luxury condo sales in these areas are often not reported to MLS.

Breakdown of Sales:

  • Condos: 107 sales
  • Co-ops: 13 sales
  • TICs: 10 sales
  • Townhouses: 3 sales

There was also a notable high-value transaction, with one sale reported over $10 million during this period.

Bar graph showing San Francisco Luxury Condo, Co-op, TIC, and Townhouse Prices

*These sales figures, reported to the NorCal MLS Alliance by late May 2024, include 12 months of sales and pending sales data. It’s important to note that not all luxury home sales are reported, and the neighborhood groupings correspond to SF Realtor districts, which may include adjacent areas not listed. The data provided is deemed reliable but may contain errors and is subject to revisions. All numbers are approximate.

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