Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

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

Name: What's Driving San Francisco Condo Prices CRAZY in November 2024
Uploaded: 2024-12-29T02:00:11+00:00
Duration: 48 s
Channel: Austin Klar
Description: In this concise market update, Austin Klar explains that San Francisco's condo and co‑op market is experiencing a strong rebound as workers and…

29 Dec 2024 · 1 min

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In this concise market update, Austin Klar explains that San Francisco's condo and co‑op market is experiencing a strong rebound as workers and businesses return to the city. While overall inventory has stayed steady quarter‑over‑quarter, effective supply has dropped because a higher proportion of units are going under contract, indicating rising demand. This demand is pushing prices upward: the average price per square foot has increased compared to the same quarter last year, and fewer sellers are cutting their list prices. Interest rates are hovering around 7%, but there are no signs of a looming inventory surge or a price crash as we head into 2025, especially with office vacancy rates beginning to fall. Klar ends with a call to action, inviting viewers who are considering relocation or have market questions to contact him for personalized assistance.

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San Francisco's condo and co-op market is rebounding in a big way as more workers and businesses return to the city and commercial hubs show signs of a resurgence. Inventory remains steady over the past quarter compared to the same quarter last year, but effective supply is lower because of higher demand as more condos and co-ops are getting into contract than the same time last year. And this increase in demand is causing upward pressure on home prices with the average price per foot up over the past quarter compared to the same quarter last year, fewer homes having to cut their list price compared to the same time last year, and all of this with interest rates hovering around 7%. There are no signs of a drastic inventory surge or a crash in demand that will cause home prices to crash heading into 2025, especially as office vacancies start to fall and more people return to the city. If you're thinking about relocating and have questions about what's going on in the San Francisco housing market, reach out to me.