June Market Report: San Francisco Real Estate Insights
Welcome to the June edition of the San Francisco Real Estate Market Report! As we dive into the summer season, the San Francisco housing market continues to show dynamic activity and notable trends. 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
Home Prices on the Rise
The 3-month-rolling median house sales price in May 2024 reached $1,735,000, marking the highest value since mid-2022. This surge highlights the growing demand and competitiveness in the market. Conversely, the median condo sales price was $1,135,500, showing a slight decline of about 1% year-over-year.
Increased Sales Volume
Year-over-year, 2024 year-to-date home sales volume increased by approximately 12% from 2023. This significant uptick reflects a recovering and dynamic market environment. Notably, luxury home sales priced at $5 million and above saw a dramatic rise of 62%.
Competitive Market Dynamics
In May, 82% of house sales and 44% of condo sales were above the asking price. Houses averaged a sales price nearly 13% over the asking price, while condos sold at about a half percent above asking price. These figures represent the highest percentages since mid-2022, indicating a highly competitive market.
Quick Turnover Rates
The average days on market were the lowest in 12 months, showing that properties are selling faster than they have in the past year. This swift turnover underscores the high demand and the readiness of buyers to close deals quickly.
Interest Rates and Market Stability
30-year loan interest rates hovered around 7% in May and early June. Despite these rates, many buyers and sellers have adapted, accepting them as the new norm. Interestingly, an estimated 30% to 40% of national homebuyers are paying all cash, highlighting the strong financial positions of many buyers. Stock markets also hit new all-time highs, positively impacting household wealth and buyer confidence.
The accompanying graphs provide a visual representation of the data and trends mentioned:
Luxury Condo, Co-op, TIC & Townhouse Market
Sales Prices of $2.5 Million+, by District, 12 Months Sales
Key districts like Pacific & Presidio Heights, South Beach/Mission Bay/Yerba Buena, and Russian/Nob/Telegraph Hills lead in luxury sales.
San Francisco Value Trends since 2005
Median Dollar per Square Foot Values
This graph shows the historical fluctuations in property values, highlighting peaks during the pandemic boom and the recent market adjustments.
San Francisco House Price Trends since 1990
Monthly Median House Sales Prices, 3-Month Rolling
This chart outlines the long-term trends in house prices, showing significant increases in recent years and seasonal fluctuations.
San Francisco Higher Price & Luxury HOUSE Market
This graph outlines the House Sales of $4M+ by district over the past 12 months.
With most luxury homes selling District 7 & District 5, there were a total of 14 house sales of $10m+ reported to MLS during the 12-month period.
San Francisco Luxury Home Sales (Homes selling for $5M+)
The number of luxury homes sales typically ebbs and flows dramatically by season, with spring and fall usually the biggest selling seasons.
This graph outlines the sales of $5M+ homes in 2024 YTD were up 62% from the first 5 months of 2023.
San Francisco Home Sales Trends, 2021-2024. Year-over-year, Year-to-Date Sales by Price Segment
This graph outlines the number of home sales by price segment occurring each year by late May.
Year over year, the number of 2024 YTD sales was up about 12% from 2023, but home sales of $2M+ saw much larger % gains.
San Francisco: Homes for Sale - Active & Coming-soon listings by price segment
Of the listings for sale on Jun 1, 2024, 27% were houses, and 73% were condos, co-ops, TICs and townhouses.
San Francisco Condo Price Trends since 2005
Year over year, the 3 month rolling median condo sales price in May 2024 was down a little more than 1%.
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.
