Q1 Real Estate Report for Transbay and San Francisco Luxury Condos
The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time home buyers. While demand remained strong, a severe lack of inventory priced below $2 million kept a lid on sales growth in that price segment. On the other hand, San Francisco luxury condos priced above $2 million saw a more favorable quarter when compared with the same period last year.
- Citywide, condo listings were down 23.7% in February.
- Followed was a 10.4% decrease in pending sales activity.
- However, the Median Sales Price did increased 10.3% to $1,210,000 for Condo/TIC/Coop properties.
In the bigger picture, unemployment has reached pre-recession levels – this matters because job growth and higher paychecks fuel home purchases. Sellers are getting a generous number of offers in this market, but navigating through the trading process can be a bit daunting. If you want to sell and trade up, feel free to call me on how to make this happen in this market. We can discuss different strategies for your real estate goals.
Top Transbay Overbids
Asking prices had a wide range between $618,000-$1.5 million, with % of sales/list price averaging 112% over. 6 out of 10 of these listings were 1 bedrooms, which could indicate that people are willing to offer more for a smaller piece of San Francisco real estate.
5 out of 10 of these underbids were 2+bedrooms, and the price per square foot figure stayed in lined with the Transbay’s overall average. The highest price per square foot in this category of San Francisco luxury condos was $1,939.66 and is for a 4-bedroom at the Ritz-Carlton.