Austin Klar breaks down three signs San Francisco's condo market has recovered from pandemic lows. Condos are selling about a week faster than last year, hitting list price instead of a 2% discount, and average price-per-square-foot is up roughly 3% year-over-year. Return-to-office trends and new job creation are driving buyer interest.
Here are 3 signs San Francisco's condo market is stronger right now than it was last year and is meaningfully correcting after years of decline since the start of the pandemic. First up, there are more buyers actively purchasing condos right now in comparison to the number of condos actually available compared to the same time last year. Return to office, new jobs, and positive trends with crime and homelessness are creating more demand for condos in the city. Second, as you can see in the orange graph, condos are selling on average about a week faster right now compared to the same time last year, and on average are selling at ask compared to 2% under ask same time last year. And last up, as you can see in the bottom graph, the average price per foot is up about 3% compared to the same time last year. Faster sales, more demand, basic economics says prices are going to go up, and that's exactly what's happening for condos in the city. These are signs of a very balanced market. Not crazy appreciation, but no depreciation either. It's just balanced, and that's a very welcome sign for condos after several years of declines. If you have any questions about what's going on in the condo market in San Francisco, reach out to me.
