Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

2024 San Francisco Condo Prices & Market Trends You Must Know

Name: 2024 San Francisco Condo Prices & Market Trends You Must Know
Uploaded: 2024-04-21T01:00:29+00:00
Duration: 36 s
Channel: Austin Klar
Description: In this video, Austin Klar highlights an unexpected rebound in San Francisco’s condominium market in early 2024. While the pandemic initially caused a…

21 Apr 2024 · 1 min

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In this video, Austin Klar highlights an unexpected rebound in San Francisco’s condominium market in early 2024. While the pandemic initially caused a sharp decline in condo demand despite low interest rates, a surge of AI‑related jobs and a shift back to hybrid or full‑time office work have reignited buyer interest. Klar points to three key graphs: (1) condo inventory has not experienced the post‑pandemic surge, (2) fewer condos are receiving price cuts compared to the previous year, and (3) both median and average condo prices are higher in Q1 2024 than in Q1 2023, even though mortgage rates have risen. He concludes with a call to follow him for ongoing condo market updates.

Chapters

The biggest surprise about the San Francisco housing market so far this year is how well the condo market is performing. It seemed like everybody fled the city in the wake of the pandemic, causing condo demand to completely crash, even in the face of extremely low interest rates. But with a massive influx of new jobs from AI and companies doing hybrid work environments or fully returning to the office, demand for condos is picking back up. As you can see in the top graph, we haven't seen a surge of condo inventory like we saw in the immediate aftermath of the pandemic. And as you can see in the middle graph, fewer condos are taking price cuts than what we saw last year. And as you can see in the bottom graph, median and average prices are up Q1 of 2024 compared Q1 of 2023, and that's even in the face of higher mortgage rates. Follow me for more condo market updates.