Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

San Francisco Condo Market Update September 2023

Name: San Francisco Condo Market Update September 2023
Uploaded: 2023-10-25T01:00:20+00:00
Duration: 50 s
Channel: Austin Klar
Description: In this September 2023 market update, Austin Klar reports that the San Francisco condo market is softening due to rising inventory and higher interest…

25 Oct 2023 · 1 min

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In this September 2023 market update, Austin Klar reports that the San Francisco condo market is softening due to rising inventory and higher interest rates, creating a notably deal‑friendly environment. He highlights that condo inventory grew from 560 units in August to 751 in September, pushing the months‑supply metric from 4 to 5.5 months – the closest the market has come to a buyer’s market this year. Correspondingly, median condo prices have slipped over recent months, the average condo sells for about 93% of its list price, and properties now linger on the market for roughly 55 days (about two months). Klar concludes that these conditions present clear buying opportunities and invites viewers to follow him for more Bay Area real estate insights or to contact him for further information.

Chapters

San Francisco condo market continues to soften as inventory and interest rates rise, presenting one of the most deal-friendly environments we've seen in years. As you could see with the light green bars in the top graph, inventory of condos increased from 560 in August to 751 in September. And months supply increased as well, as you could see in the yellow graph below, from 4 months of supply to 5.5 months of supply, meaning it would take 5.5 months to sell out of all existing condos if no new condos came to market. That number, 5.5 months, is as close to a buyer's market we've seen all year. And you can see that really manifests itself in some of the data. As you can see in the bottom graph in blue, median home prices are down over the last couple of months. The red line up top, the average condo is selling for 93% of list, and days on market are almost 2 months at 55 days. So there's definitely opportunity out there to strike on some condos. Follow me for more Bay Area real estate and reach out if you want more info.