Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

San Francisco Condo Market Update -- August 2023 -- Home Prices Not Crashing

Name: San Francisco Condo Market Update -- August 2023 -- Home Prices Not Crashing
Uploaded: 2023-09-13T01:00:06+00:00
Duration: 46 s
Channel: Austin Klar
Description: In this August 2023 market update, Austin Klar outlines key indicators for San Francisco condominiums, showing that sale prices and price‑per‑square‑foot…

13 Sept 2023 · 1 min

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In this August 2023 market update, Austin Klar outlines key indicators for San Francisco condominiums, showing that sale prices and price‑per‑square‑foot remained relatively flat month‑to‑month, though they are down year‑over‑year but have risen since late last year. Days on market rose about 10% from 49 to 55 days between July and August, while inventory stayed steady at roughly 4.5 months, characterizing a neutral market. Condos sold for an average of 97% of the list price, suggesting buyers can negotiate down from asking prices, especially compared with single‑family homes. Klar concludes with a call to follow him for more Bay Area real‑estate insights and invites questions.

Chapters

There continues to be opportunities for buyers in the San Francisco condo market. Sale prices, as you can see in the red line at the top, and prices per foot, as you can see the blue graph at the bottom, were both relatively flat month to month. Down from the same time last year, but up from late last year and earlier this year. And as you can see in the orange graph at the top, days on market increased about 10% from 49 days to 55 days, July to August. And the supply remained relatively flat at about 4.5 months, which is a relatively neutral market, giving buyers an opportunity to actually negotiate with their sellers. And you can see that show up in the red line at the top, which shows that Condos were selling on average for 97% of list price. So buyers were able to negotiate prices down from their ask. So there seems to be more negotiation and more opportunity for buyers to get a good price on a condo compared to single-family homes in San Francisco. Follow me for more Bay Area real estate and reach out if you have any questions. [FOREIGN LANGUAGE]