Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

The San Francisco Condo Market is Rebounding

Name: The San Francisco Condo Market is Rebounding
Uploaded: 2024-09-21T23:00:06+00:00
Duration: 50 s
Channel: Austin Klar
Description: In this video, Austin Klar provides a market update on San Francisco condominium and cooperative apartments, highlighting a rebound after the…

21 Sept 2024 · 1 min

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In this video, Austin Klar provides a market update on San Francisco condominium and cooperative apartments, highlighting a rebound after the pandemic‑induced slump. He points to three key data series: (1) inventory has stayed relatively flat throughout the year, contrasting with the sharp build‑up seen early in the pandemic; (2) the pace of sales has accelerated, reflected in a month‑over‑month decline in monthly supply based on pending sales; and (3) price per square foot has risen for the past two months and is higher year‑over‑year. Klar attributes the turnaround to the return‑to‑work shift and expectations of falling interest rates, and encourages viewers to follow him for future housing market updates.

Chapters

San Francisco condo and co-op market continues to perform strongly after a huge drop-off at the onset of the pandemic. As you can see in the top graph, inventory has remained relatively flat throughout the year, especially compared to the onset of the pandemic. With people able to work remotely and not needing to live in the big city, demand for condos and co-ops fell, caused inventory to build up, and caused prices to fall. But that's not what we're seeing right now. As you can see in the middle graph, the monthly supply of condos and co-ops based on pending sales, basically the pace of sales, how quickly people are buying these properties, the pace of sales sales has increased, monthly supply has fallen month over month and compared to the same month last year, and price per foot shown in the bottom graph has increased each of the last 2 months and compared to the same time last year. Expect these trends to continue as more companies implement return-to-work policies and as interest rates fall in the coming months. Follow me for more housing market updates.