Austin Klar says San Francisco condo buyers have more negotiating power than single-family home buyers. Condos had 3.2 months of inventory in December 2023 versus 1 month for houses, and sold for 92% of asking price instead of 99%. Median condo prices still rose about $100k year-over-year.
If you want a deal on San Francisco real estate, your best bet is to go for a condo. Even though we had less inventory this past year than the previous 5 years, demand is a lot softer for condos right now compared to single-family homes in San Francisco. As you can see the yellow graph at the bottom, there were 3.2 months of inventory for condos in San Francisco as of December of 2023, which is still considered a seller's market, but a lot more negotiating leverage available compared to the single-family home market where there was just 1 month of supply. And as you can see in the bottom graph, condos spent on average 76 days on the market and went for 92% of their list price. So, substantially more negotiating leverage compared to single-family homes, which spend closer to a month on the market and go for 99% of their ask. Now, even though buyers have some more leverage, doesn't mean prices are completely cratering. They're not. Median price of condos up about $100,000 this past December to December of 2022, and average prices up about $60,000 over that same timeframe. Follow me for more San Francisco condo market updates.
