In real estate, knowledge is leverage. As we close out the third quarter of 2024, the San Francisco market is sending some clear signals. Whether you’re buying, selling, or simply watching the market, you need to pay attention to the trends. Let’s break down the latest data and what it means for you.
San Francisco Condos: The Price is Up, But the Window is Widening
San Francisco Median Sale Price:
Right now, the median sale price for condos in San Francisco is at $1.15 million. That’s an 8% increase from this time last year. You can’t ignore that kind of appreciation—it’s a clear sign of strength in this market. But don’t be fooled, this isn’t just a seller’s game.
San Francisco Active Listings:
Here’s where things get interesting: there are 824 active listings, which is down 3% from last year. Fewer listings mean more competition for buyers. Buyers need to be sharp, prepared, and ready to act fast if they want to seize the right property.
San Francisco Closed Sales:
Closed sales have dropped by 16%—there were 128 closed sales last month. Fewer sales and rising prices suggest that buyers are taking their time, weighing their options. But that also means sellers have to be strategic. Don’t just list and hope—know your buyer’s mindset, and play the long game if necessary.
San Franciso Days on Market:
Condos and townhomes are sitting on the market a little longer—52 days, up 2% from last year. That’s not a lot, but it’s enough to shift your strategy. If you’re a buyer, this gives you room to negotiate. Sellers, don’t panic—work with the market, not against it.
Single-Family Homes: A Seller’s Market, But Buyers Aren’t Waiting
San Francisco Median Sale Price:
With a median sale price of $1.61 million, single-family homes are still holding strong. We’re looking at a 2% rise since last September. Sellers, this is your time to capitalize on solid demand. Buyers, if you want in on this market, you need to be decisive.
San Francisco Active Listings:
Here’s the kicker—there are only 401 active listings. That’s a sharp drop of 15% from last year. Inventory is tight, and you know what that means. If you’re a buyer, every day counts. Homes are moving, and you need to move faster. For sellers, low inventory means one thing: leverage.
San Francisco Closed Sales:
Sales are up by 3% with 148 single-family homes closing in September. Even with fewer homes on the market, buyers are making moves. This tells you that serious buyers aren’t hesitating. If you’re selling, get ready for an active market. If you’re buying, bring your A-game.
San Francisco Days on Market:
Single-family homes are flying off the market in 24 days, down by 14% from last year. When homes are selling this quickly, it’s not just about price—it’s about timing and positioning. Sellers, don’t wait for the perfect offer. If you’ve got interest, act on it. Buyers, if you see something you like, don’t expect it to be there tomorrow.
Key Takeaways: How to Play It in San Francisco Real Estate
Sellers, this is your moment. Low inventory across both condos/townhomes and single-family homes means you have the upper hand, but don’t let that go to your head. Understand the market dynamics and set a strategy that aligns with how buyers are thinking today. Don’t just price to sell—price to win.
Buyers, don’t let higher prices or low inventory push you out. This is the time to be prepared, focused, and ready to negotiate. You need a strategy, not just an offer. Stay sharp, and you can still find the right deal in a tight market.
Want to talk specifics? I’m here to help you navigate these shifts and make sure you’re on the winning side of your next real estate move. Whether you're buying or selling, let's make sure you come out on top.
