2021: September San Francisco Real Estate Insider

Now that Labor Day is in the rear view mirror, we are entering what is traditionally the busiest, most exciting couple months of the year as it relates to real estate activity. I expect inventory to be up; more so than last fall. The high inventory count should allow opportunity for buyers and sellers alike. If you are a seller and you have a “done” home; meaning a home in move-in condition, you will most likely stand out above the competition. If you are a buyer; you will definitely have choices with higher inventory. With choice, buyers have some negotiating room with true sellers. Could this be your opportunity to get into the market?

Looking back at August, I'd say it was one of the quietest months in several years. Many of us took time to get out of San Francisco to sunnier destinations, relax and re-charge. In terms of market activity, looking at year-over-year values, San Francisco continues to appreciate. The new median price hit $1,850,000; up almost 14% from August 2020! The chart below will provide a simple view of the pandemic effect.

The condo pricing is a bit deceptive. It takes all condos into consideration, but neighborhood condos in boutique-type buildings are up in price/value. The market for condos in high-rise, Southern SF buildings is still down.  Buyers are still finding a lot of choice as well as values in the greater SOMA area.

The new condo median price is $1,217,000, which is down from $1,218,500 (-4%) on a year-over-year basis. Keep in mind what I referenced about values being down in the greater SOMA market.

Wondering what is will cost to gain entry to a particular neighborhood as a new owner? Some examples of some popular neighborhoods are below.

By the time we get to the October Report we will have a very good view of the fall market as it relates to demand and value. This will obviously have a huge impact on Spring '22.