Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

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

Name: What's Driving San Francisco Condo Prices CRAZY in October 2024
Uploaded: 2024-11-25T02:00:16+00:00
Duration: 41 s
Channel: Austin Klar
Description: In this brief market update, Austin Klar explains that the resurgence of return‑to‑office (RTO) policies, highlighted by Salesforce’s call for employees…

25 Nov 2024 · 1 min

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In this brief market update, Austin Klar explains that the resurgence of return‑to‑office (RTO) policies, highlighted by Salesforce’s call for employees back to the office, appears to be reigniting demand for San Francisco condos. He notes that over the past three months, key price indicators—average price per square foot, average sale price, and median sale price—have all risen compared to the same period last year. Additionally, a larger share of condos are entering contract, fewer are receiving price cuts, and sales are occurring at asking price rather than the typical 2% discount seen a year ago. Klar concludes with a call‑to‑action, inviting viewers to comment “update” to receive regular market updates via email.

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Return to office policies might be kickstarting the condo market again in San Francisco. There's no doubt there was an exodus of people outside San Francisco as remote work kind of became the norm during the pandemic, and that caused the condo market to correct from its all-time highs. But it looks like it's starting to shift in the opposite direction as companies start calling people back to work, including San Francisco's largest employer, Salesforce. The average price per foot, average sale price, and median sale price were each up over the past 3 months compared to the same 3 months last year. A higher percentage of condos are also getting into contract compared to the same time last year. And on top of that, less condos are taking price cuts, and they're selling on average at ask instead of 2% below ask at the same time last year. If you want more market updates delivered to your inbox, comment the word update and I'll send you a link.