April 2024 San Francisco Market Report
We are in the midst of spring real estate! As expected, we are seeing home prices steadily increase. Based on how many active buyers and sellers I am working with currently, plus how many offers are coming in for each listing -- the spring real estate season is proving itself to be one of the most competitive markets we've seen in a while.
Here's a breakdown of the sold listing from Jan 1 to April 17, 2024 in all 10 districts of San Francisco:
482 Sold Single Family Homes
510 Sold Condos
62 Sold TICS
94 2-4 Unit Buildings
Now, for a glimpse back in time - here's what it looked like last year:
418 Sold Single Family Homes
509 Sold Condos
73 Sold TICS
76 2-4 Unit Builds
Median house price trends:
Seasonal fluctuations are common, and it’s not unusual for median sales prices to peak for the year in Q2. Sales prices lag changes in market conditions by 3-6 weeks. Year over year, the Q1 2024 SF median house sales prices was up 7.5%.
3-Month Rolling, Median Dollar per sqft:
SF is the only Bay Area market in which $/sqft values are often higher for condos than for houses.
New Listings Coming on Market:
Year over year, the number of new listings in March was only slightly up from February, but 10.5% higher year over year. The city could definitely use more listings, especially house listings. The amount of new listings is significantly higher every spring and every september.
Monthly Home Sales Volume:
Sales in one month mostly reflect accepted offers in the previous month. March 2024 sales were down year over year, but based on pending-sale activity, should jump substantially in April.
San Francisco Higher-Price Home Sales:
Home sales of $3 million+ in Q1 2024 were up 49% year over year.
As the spring real estate market continues to unfold, it's crucial to have a knowledgeable and experienced guide by your side. If you're navigating the complexities of buying or selling in San Francisco, I'm here to help. With my expertise and dedication, I'll ensure you make informed decisions that align with your real estate goals.
Feel free to reach out to me for any of your real estate needs. Let's make this spring your season of success!
