San Francisco Condo Market Rebounding

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Key Highlights

  • Condo deals up 50% since past high point
  • Lux home sales soar 70% this spring

San Francisco Condo Market Roaring Back

According to a just released report from Compass, more than 1,300 San Francisco condo and co-op deals closed during the three months ending in May.

Quite a recovery for a market sector that was hard hit by the pandemic. These +1,300-closed deals represent the most condo/co-op deals in San Francisco in at least 16 years when Compass began tallying this data

Condo/Co-op Prices Also Rising

Compass found that the median price of a two-bedroom condo hit $1.325M during this same three month time period ending in May.

This $1.325M compares to a low of $1.2M in the three months that ended in January.

According to Patrick Carlisle, Compass’s chief market analyst in San Francisco, buyers “…have now identified condos as a particularly good deal by comparison…” to exploding single-family home prices in The City.

Pandemic Concerns Evaporating with Increased Vaccine Rates

During the COVID pandemic, many potential buyers were concerned about sharing elevator and lobby spaces with others.

Now, “…with the rollout of vaccines, the fears that troubled the condo market appear to be rapidly dwindling,” said Carlisle.

Luxury Condo Sales Hit All-Time High

Luxury condo/co-op sales of units priced at $2M and above hit an all-time high during the three months ending in May 2021.

Likewise, luxury condo/coop transactions increased over +50% above its former peak during the spring of 2018.

Lux Sales of Single-Family Homes Also Hit New Record

Luxury single-family home sales in The City saw a +70% jump compared to the spring of 2019’s previous peak.  (Lux sales in San Francisco are defined as $3M+.)

Bay Area luxury sales during the spring of 2021 surged +103% compared to the pre-pandemic spring of 2019.

Carlisle said, “This is a common dynamic around the Bay Area, and indeed other counties have seen greater – sometimes stupendous – increases in the sales of expensive homes.”

 

Thanks to MansionGlobal and Compass.

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