For five months in a row, condo prices were declining on a year-over-year basis, but in the month of April, we actually saw some very strong growth in terms of condo median sale price! Condos in San Francisco are currently selling for around 9.13% more than this time last year. This could mark the turning point for the condo market in San Francisco! On the flip side, sale price growth for single-family homes remains steady, increasing by 2.12% in the month of April.
As we all know by this point, inventories have been declining in San Francisco for years now. Unfortunately, nothing has changed in the month of April, as the number of single-family homes on the market decreased by 6.29% on a year-over-year basis, and the number of condo listings on the market decreased by 7.52%. Notably, in the condo market, there was a 21.17% decrease in the number of sales on a year-over-year basis, which is one of the most substantial decreases we’ve seen in quite some time!
Unfortunately, if you’re looking to score a listing for below the asking price, you’re going to have to look very hard, as single-family homes are selling for 14.2% more than their original asking price on average. Fortunately, the condo market isn’t nearly as competitive, as the average listing sells for just 0.4% more than the original listing price.
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2024 wrap-up and the year ahead
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