San Francisco June '24 Real Estate Update Ascend RE
Ascend RE June 21, 2024
San Francisco
Ascend RE June 21, 2024
San Francisco
In May, new listings began to trend downwards, indicating that the Spring market is starting to lose steam. We are likely to experience a steep drop in new inventory once June data comes out. However, this year seems in line with a relatively normal year of local housing market trends. Sold listings have dropped slightly, but pending sales continued to tick upward throughout May. This demonstrates positive buyer activity in May and we can assume that June will see a large number of closings. So far, numbers continue to be much higher in comparison to 2023 and on par with pre-covid years. Active listings are only slightly higher compared to 2023 numbers. Given the number of properties hitting the market is significantly greater, the absorption rate of properties (buyer demand) is higher this year, so fewer homes are sitting on the market.
Average sales price has been slowly but steadily increasing for 5 consecutive months! In fact, prices are almost at a 2-year high after an interest-rate induced slump.
Homes are selling much faster as days on market continue to trend downward. This is mostly driven by how busy the single family housing market is!
Homes are selling at an average of 6.5% over list price in SF, hitting an almost 2-year high since June 2022 when interest rates began to increase. Overbidding is also trending upwards as the market gains heat. 63% of properties are being overbidded on, which is also at an almost 2-year high. Single family homes mostly get overbid on, but the total average increase in the Bay Area is mostly led in the condo market with 44% of condos receiving offers over asking. With all of this in mind, it’s no surprise that price per sq ft is also increasing!
Renewed buyer interest and an acceptance of our “new normal” with regard to interest rates has re-invigorated the market and helped sellers list their homes at higher values. We can expect a slowdown in the Summer months with renewed interest in the fall. If you have questions about the market, need a handyman recommendation, or want to receive a free home value report, click here.
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