Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

What's Driving San Francisco Condo Prices CRAZY in December 2024

Name: What's Driving San Francisco Condo Prices CRAZY in December 2024
Uploaded: 2025-01-29T02:00:35+00:00
Duration: 57 s
Channel: Austin Klar
Description: In this video, Austin Klar explains how recent positive shifts in San Francisco—namely a resurgence of office attendance, declining crime and unsheltered…

29 Jan 2025 · 1 min

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In this video, Austin Klar explains how recent positive shifts in San Francisco—namely a resurgence of office attendance, declining crime and unsheltered homelessness, and a rebound in tourism—are driving a strong rebound in the condo and co‑op market. He notes that office vacancy rates fell for the first time in years, and these dynamics have led to a higher proportion of condos entering contract, including the largest resale and new‑construction sales in years. Compared to December 2023, condos sold faster, at a higher percentage of the asking price, and saw notable price gains in Q4 2024: average price per square foot rose 6.9%, median sale price rose 4%, and average sale price rose 11%. Klar invites viewers to contact him for more details and to follow for ongoing Bay Area real‑estate updates.

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Changing dynamics in San Francisco are having a noticeable impact on the condo and co-op market in the city. More companies are calling workers back to the office. Office vacancies fell for the first time in years the last quarter. Crime is down year over year. Unsheltered homelessness is down year over year. Tourism is up. Tourist spending is up. There are a lot of changes going on in the city in the positive direction, and that's having a meaningful impact on the condo market. A greater percentage of condos and co-ops are getting into contract, including most recently the largest resale of the condo market in years, as well as the largest new construction sale of the condo market in years. Condos and co-ops in December of 2024 sold faster than they did in December of 2023, and they sold for a greater percentage of their ask price. And prices also finished with some pretty big growth in Q4 of 2024. Average price per foot up 6.9%, median sale price up 4%, average sale price up 11%. Reach out if you have questions on the impact of San Francisco's changing dynamics on the condo market, and follow me for more Bay Area real estate.