Leave a Message

Thank you for your message. We will be in touch with you shortly.

San Francisco May '24 Real Estate Update Ascend RE

Ascend RE May 17, 2024

San Francisco

San Francisco May '24 Real Estate Update Ascend RE

Inventory

The amount of new listings hitting the market is increasing to levels at or above pre-covid levels. Though we aren’t seeing the super high levels of new inventory hitting the market that occurred during the peak of covid, we are in a significantly more robust and strong market with regard to inventory compared to the depressed markets of 2023. In April, pending sales have also normalized, higher than 2015-2017 levels and just shy of 2018/2019 levels. In fact, the number of homes under contract has been increasing for 4 consecutive months during the Spring market. Following suit, the amount of homes sold are rising and fairly robust for Spring time. Months supply is sitting at around 3-months, meaning that we are still in a seller’s market but are still experiencing more inventory than we have generally seen. To sum it up, buyers may have more options and in some cases more leverage compared to years past. 

 

Sales Price

In welcome news for homeowners, average sales price is trending upwards since hitting low points in Dec ‘22 and Jan ‘23. On average, single family homes are nearing a record high from 2022, while condominium prices have declined a bit in the past two months. The amount of homes selling for over asking price is steadily increasing with single family homes selling at 12% over list price. This is also the first time, on average, condos in SF have sold over their asking price since June of 2022! Overall, the percentage of properties that are selling over list price is on the rise, with over 50% of properties being sold over their asking. Price per sqft overall in SF has been on the up and up, pointing to a recovering market. 

 

Days on Market

Days on market has held steady at around 2-3 weeks over the entire Spring season. Single family homes have been selling much quicker, at an average of less than two weeks while condos have taken a bit longer to sell.

 

The Bottom Line

Overall the market is trending toward a positive direction for sellers and homeowners. If you were hesitant in 2022/2023 to make a move, then it was beneficial as the market has grown stronger this year. For condominium owners, more time is likely needed for your segment of the market to improve. Buyers of investment properties, condominiums, or homes that need some work may still be able to find good options. At the moment, buyers are coalescing around finished properties which is resulting in increasing values for turkey-key homes. For more market information and guidance, click here to book a consultation with our team.

 

Median Home Sale Price - SF

 

Median Days on Market - SF

 


Recent Blog Posts

Browse our blog posts to be in the know.

14 Terrifying Bay Area Haunted Houses For The Bravest Among Us

From Ramen to Rice Paper

Discover the Best Asian Markets Near San Francisco

A Guide to the Best Mexican Eats

Top Taquerias Near San Francisco

San Francisco September '24 Real Estate Update Ascend RE

East Bay September '24 Real Estate Update Ascend RE

South Bay Peninsula September '24 Real Estate Update Ascend RE

North Bay September '24 Real Estate Update Ascend RE

Los Angeles September '24 Real Estate Update Ascend RE

Explore the Bay Area's Natural Beauty

Best Hiking Trails Near San Francisco

A Tail-Wagging Adventure

Top Dog Parks Near San Francisco

A Food Lover's Paradise

Top 10 Must-Try Restaurants Near San Francisco

Los Angeles August '24 Real Estate Update Ascend RE

San Francisco August '24 Real Estate Update Ascend RE

East Bay August '24 Real Estate Update Ascend RE

South Bay Peninsula August '24 Real Estate Update Ascend RE

North Bay August '24 Real Estate Update Ascend RE

North Bay July '24 Real Estate Update Ascend RE

San Francisco July '24 Real Estate Update Ascend RE

South Bay Peninsula July '24 Real Estate Update Ascend RE

East Bay July '24 Real Estate Update Ascend RE

Los Angeles July '24 Real Estate Update Ascend RE

Los Angeles June '24 Real Estate Update Ascend RE

San Francisco June '24 Real Estate Update Ascend RE

East Bay June '24 Real Estate Update Ascend RE

South Bay Peninsula June '24 Real Estate Update Ascend RE

North Bay June '24 Real Estate Update Ascend RE

San Francisco May '24 Real Estate Update Ascend RE

Los Angeles May '24 Real Estate Update Ascend RE

East Bay May '24 Real Estate Update Ascend RE

South Bay Peninsula May '24 Real Estate Update Ascend RE

North Bay May '24 Real Estate Update Ascend RE

Upholding Equality: The Significance of the Fair Housing Act

Bay Area: Spring and Summer Gardening Guide

North Bay April '24 Real Estate Update Ascend RE

South Bay Peninsula April '24 Real Estate Update Ascend RE

East Bay April '24 Real Estate Update Ascend RE

Los Angeles April '24 Real Estate Update Ascend RE

San Francisco April '24 Real Estate Update Ascend RE

South Bay Peninsula March '24 Real Estate Update Ascend RE

East Bay March '24 Real Estate Update Ascend RE

San Francisco March '24 Real Estate Update Ascend RE

Los Angeles March '24 Real Estate Update Ascend RE

North Bay March '24 Real Estate Update Ascend RE

Spring 2024 Farmer's Market Schedule

San Francisco February '24 Real Estate Update Ascend RE

Los Angeles February '24 Real Estate Update Ascend RE

North Bay February '24 Real Estate Update Ascend RE

South Bay Peninsula February '24 Real Estate Update Ascend RE

East Bay February '24 Real Estate Update Ascend RE

San Francisco January '24 Real Estate Update Ascend RE

Los Angeles January '24 Real Estate Update Ascend RE

North Bay January '24 Real Estate Update Ascend RE

South Bay Peninsula January '24 Real Estate Update Ascend RE

East Bay January '24 Real Estate Update Ascend RE

San Francisco December '23 Real Estate Update Ascend RE

East Bay December '23 Real Estate Update Ascend RE

North Bay December '23 Real Estate Update Ascend RE

South Bay / Silicon Valley December '23 Real Estate Update Ascend RE

Los Angeles December '23 Real Estate Update Ascend RE

2023 HOLIDAY COOKIE DECORATING SOCIAL

South Bay / Silicon Valley November '23 Real Estate Update Ascend RE

Los Angeles November '23 Real Estate Update Ascend RE

East Bay November '23 Real Estate Update Ascend RE

North Bay November '23 Real Estate Update Ascend RE

San Francisco November '23 Real Estate Update Ascend RE

2023 Bay Area Holiday Schedule

Analysis: Homes Near Trader Joe’s Have Higher Values

North Bay October '23 Real Estate Update Ascend RE

East Bay October '23 Real Estate Update Ascend RE

South Bay / Silicon Valley October '23 Real Estate Update Ascend RE

Los Angeles October '23 Real Estate Update Ascend RE

San Francisco October '23 Real Estate Update Ascend RE

Live Work Play Here

For the month of June, we have supported LGBT Asylum Project, and are hosting this brunch in honor of all the great work this nonprofit does. Come join our teams for a… Read more

Hiring Licensed Real Estate Agents

Take your real estate career to the next level!

North Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: March '23 Housing Update

Spring has sprung and the market is feeling a lot luckier!

East Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

Move by HUD and FHA to provide greater homeownership opportunities

Have questions about the market? Our team is here to help and connect you to a lender.

Mortgage Rates Drop Prompts Buyer Demand

Mortgage Applications jump due to lowest rates since September

San Francisco Owners Required to Register Homes

March 1 Deadline for Rent Board Housing Inventory

Tenant Buyouts

What does it entail, and what does it mean for the residence owner going forward?  

Your Spring Guide to Bay Area Farmers’ Markets

Full Guide to 79 different farmers’ markets in San Francisco and beyond.

Los Angeles September '23 Real Estate Update Ascend RE

North Bay September '23 Real Estate Update Ascend RE

East Bay September '23 Real Estate Update Ascend RE

South Bay / Peninsula September '23 Real Estate Update Ascend RE

San Francisco September '23 Real Estate Update Ascend RE

The 12 most delicious new restaurants in the Bay Area

Summer is here, and so are the boozy slushies, all-you-can-eat tacos and double cheeseburgers

East Bay August '23 Real Estate Update Ascend RE

South Bay / Peninsula August '23 Real Estate Update Ascend RE

North Bay August '23 Real Estate Update Ascend RE

Los Angeles August '23 Real Estate Update Ascend RE

San Francisco August '23 Real Estate Update Ascend RE

San Francisco July '23 Real Estate Update Ascend RE

East Bay July '23 Real Estate Update Ascend RE

South Bay / Peninsula July '23 Real Estate Update Ascend RE

North Bay July '23 Real Estate Update Ascend RE

Los Angeles July '23 Real Estate Update Ascend RE

South Bay / Peninsula June '23 Real Estate Update Ascend RE

Let’s Talk

You’ve got questions and we can’t wait to answer them.