Is The SF Condo Market Really Crashing? (May 2024 Housing Market Update)
In this May 2024 market update, Austin Klar reports that San Francisco’s condo and co‑op market is showing signs of stabilization and strength relative to the same period last year and the pandemic’s early surge. He highlights that absorption rates— the share of available homes entering contract—have held steady month‑over‑month, hovering around 28% after a dip from 32% earlier in the year. Monthly supply, the time it would take to sell existing inventory without new listings, remains stable at about 3.4 months, similar to the previous month and only modestly higher than the 3.1‑3.5 month range seen in April‑May. Demand stability is reflected in faster sales: average days on market dropped to 43 days, the quickest in the past 14 months except for June 2023, and for the first time in many months condos are selling above their list price. Klar concludes by inviting viewers to follow him for ongoing San Francisco market updates.
