San Francisco Real Estate Update - Optimism in the Air in Q3!

This quarter, San Francisco’s real estate market showcased its resilience, propelled by a combination of favorable economic factors. With interest rates dropping, inflation at a three-year low, and stock market gains, buyer confidence is at a high, making this fall an especially dynamic period for both single-family homes and condos.

High Demand in the Luxury Sector
Luxury listings, particularly those priced over $3 million, have reached an impressive absorption rate, the highest in 18 months. This signals an exciting shift for high-end buyers who value San Francisco's unique neighborhoods and refined living spaces.

Single Family Home Sales show strength
The single-family sector saw a 2.5% median price rise, paired with a 15.5% increase in sales volume. With homes selling at a competitive median market time of 13 days, sellers are seeing solid returns, while buyers are drawn to the enduring appeal of city living.

The Condo Market, slow and stable with steady growth
Condos also thrived, with a 14.6% jump in sales and slight price increases, appealing to those interested in more urban, versatile lifestyles. Although price per square foot declined by a modest 1.5%, demand remains high, particularly for buyers who see value in condo living close to vibrant neighborhoods.

This year’s fall selling season is shaping up to be active, with further interest rate reductions likely on the horizon. San Francisco is currently in a prime position for buyers and sellers alike, and the coming weeks may present unique opportunities in the market.