S.F. Condo Sales Hit 16-Year High with “Ferocious” Buyer Demand, PRICE DISCOUNTS
Market Video Report - By SF Chronicle
The SF condo, tenancy-in-common and co-op market saw more than 1,300 sales between March to May, which is higher from 400 sales a year ago.
While single-family homes in SF increased ~6% YoY to a median price of about $1.8M, condo prices are still off their highs.
High-rise condo prices decreased 9.1% from pre-pandemic highs, while mid-rise units decreased 9.6% and low-rise homes decreased 5.2%, also the median two-bedroom condo is around 1.3M.
Throughout the entire Bay Area, the 3-month period saw 3,969 sales of homes and condos of $2M or more, increased 103% from the same period in 2019.
SF luxury condo and house sales also hit all-time highs in sales increased 50% and 70% respectively from previous peaks.
There are currently 904 unsold homes for sale in new developments in SF, a decrease of 16.3% YoY, and 381 new condos are in-contract.
A bigger differential between condo and single-family home prices is seen and buyers are deciding they can get more for their money in a condo building.
