San Francisco Market Update | March 2024 Report

San Francisco Market Update

March 2024
 

Clients, friends, and colleagues:
 
There is a growing sense that in 2023 San Francisco hit its post-pandemic low - economically, socially, and certainly in media coverage - and that it has now begun a significant recovery on all those fronts. Most importantly, confidence is rebounding in San Francisco's future as a financial and cultural center, as the heart, along with Silicon Valley, of the next big technology boom (AI).
 
Along with substantial macroeconomic improvements in interest rates (although they ticked up a little in February), financial markets - which recently hit all-time highs - and consumer confidence, these factors are also triggering a recovery in its housing market.  This is now beginning to show up across a wide variety of indicators as we move into the spring selling season, typically the most active of the year.
 
A few quick notable stats:
 
# of sales in San Francisco are up 32% year over year
# of $3M+ sales in San Francisco are up 68% year over year
The median sales price of single-family homes in SF are up 10% year over year; condos up over 6%.
 
For you buyers out there:
While demand has undoubtedly surged in most sectors of the market, large discounts off pre-pandemic highs still exist. If you have interest in a particular segment/property type, or have any questions, I am always here and happy to help.
 
Sincerely,
Ron
 
Recent reviews, listings, in-contracts & solds @ the bottom of this email

Recent Review

"Ron was great through the entire process of purchasing our first home. We came in not knowing much about the home buying process, but he walked us through it and set us up for success from the very beginning. We had many questions along the way and he was there to answer them vey quickly. He was able to recommend a great mortgage lender which ended up being the best deal for us and also recommended many other sources along the way. He also came up with a great plan for making an offer and we were able to get the condo under the asking price! The home buying process is full of stress but Ron made it as enjoyable as it could have been."
- C.C. & D.M / Buyers in South Beach SF

All reviews

Recent Sales / In Contract

San Anselmo

165 Crescent Road

7 BD 6 BA 5757 SF $3,800,000
SOLD

Bernal Heights

369 Prentiss Street

4 BD 3 BA 2269 SF $2,625,000
SOLD

South Beach

333 Main Street, Unit 7C

1 BD 1 BA 815 SF $799,000
IN CONTRACT

Eureka Valley-Dolores Heights

462 Sanchez Street

4 BD 4 BA 3050 SF $4,398,000
IN CONTRACT

Pacific Heights

2155 Buchanan Street, Unit 2

2 BD 1 BA 1035 SF $1,295,000
IN CONTRACT

North Waterfront

240 Lombard Street, Unit 529

1 BD 1 BA 580 SF $599,000
IN CONTRACT

Available Listings

Hayes Valley

555 Fulton Street, Unit 427

1 BD 1 BA 728 SF $749,000
AVAILABLE OFF-MARKET

Yerba Buena

765 Market Street, Unit 22E

2 BD 3 BA 1456 SF $1,800,000
AVAILABLE OFF-MARKET

South Beach

338 Spear Street, Unit 39E

3 BD 2 BA 1582 SF $2,625,000
AVAILABLE OFF-MARKET

South Beach

201 Folsom Street, Unit 22F

2 BD 2 BA 1191 SF $1,650,000

Noe Valley

4042 26th Street

3 BD 1 BA 1220 SF $1,195,000

Cow Hollow

2286 Filbert Street

2 BD 2 BA 1160 SF $1,250,000

Mission Bay

420 Mission Bay Boulevard North, Unit 305

1 BD 2 BA 925 SF $1,150,000

South of Market

712 Bryant Street, Unit 6

3 BD 3 BA 2097 SF $1,349,000

Hayes Valley

564 Fell Street

2 BD 2 BA 1155 SF $1,595,000

ronsellsthecity.com

Ron Salter
 
DRE #: 01989381
REALTOR®
M: 415.717.8752
[email protected]
Montgomery + LEE

Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multi­county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
 
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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San Francisco Market Update | March 2024 Report

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San Francisco Market Update | March 2024 Report

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