July Market Report: San Francisco Real Estate Insights

Jul 30

Welcome to the July edition of the San Francisco Real Estate Market Report! As we approach the peak of the summer season, the San Francisco real estate market is on the rise as fewer listings enter the market and sellers see an increase in homes selling. Whether you're a buyer, seller, or just curious about the market, this report will provide you with valuable insights and data to stay informed.

Market Report Key Insights

Report Highlights

The median house sales price in Q2 2024 rose 6% from Q2 2023, while the median condo sales price declined by 2.5%. The number of homes for sale on July 1st increased by 3% year-over-year, with San Francisco seeing less increase in listings compared to other Bay Area counties. Q2 home sales rose 9% year-over-year, with homes selling for $3 million+ jumping 29% and $5 million+ sales soaring 54%.

San Francisco House Price Trends

Year-over-year, the Q2 2024 SF median house sales price increased by 6%. Seasonal fluctuations are common, with prices typically peaking in Q2. Sales prices tend to lag changes in market conditions by 3 to 6 weeks.

San Francisco Condo Price Appreciation

Year-over-year, the Q2 2024 median condo sales price decreased by about 2.5%. It is typical for median prices to peak in Q2, with a lag in market conditions by 3 to 6 weeks. Different city districts have seen varying median price trends.

Annual Median House Sales Prices

Reflecting YTD sales reported by 6/30/24, the data shows preliminary figures until the full year is complete. Prices vary significantly across districts, with notable increases in southern neighborhoods and luxury areas like Golden Gate Heights and Bernal Heights. Historical trends since 2012 highlight consistent growth in key districts.

San Francisco Home Sales Trends

Sales numbers have fluctuated significantly since the pandemic, with a sharp decline in 2020 and a strong rebound in 2021. Rising interest rates and economic conditions caused a dip in 2023, but recovery began in early 2024. Rental units in multi-unit buildings dominate the housing stock, with condo sales often outnumbering house sales.

New Listings Coming on Market

New listings in June 2024 continued to decline but were up 4% year-over-year in Q2. Listing activity typically drops through late summer before spiking in September. This trend highlights the seasonal nature of the market and its impact on available inventory.

Monthly Home Sales Volume

The number of home sales in Q2 rose 9% from Q2 2023, with 48% of sales being houses and 52% comprising condos, co-ops, and TICs. Sales volume reflects accepted offers from the previous month, indicating market activity and buyer demand.

The accompanying graphs provide a visual representation of the data and trends mentioned:

Staying informed about these trends is crucial for making strategic decisions in the real estate market. Whether you're looking to buy, sell, or invest, understanding the current market dynamics can help you navigate the San Francisco real estate landscape more effectively. If you have any questions or need personalized advice, feel free to reach out.

Up and Coming Listings in Sea Cliff

Sea Cliff is a beautiful hidden gem in District 1, filled with amazing mansions and some fabulous billionaire residents. This week, I have three new listings that are fresh on the market: