The San Francisco condo market is plugging along amidst the pandemic, with some types of units and buildings experiencing some softness and others showing signs of strength.
There were 759 active condo listings and 227 in contract as of July 13th. The most desirable units are the ones in smaller buildings, with updated finishes, parking, in-unit laundry, shared or private outdoor space and central locations.
The highest concentration of inventory lies with condos in larger buildings in Pacific Heights, Downtown, FiDi, Nob Hill, Van Ness corridor, Mission, Mission Bay, Potrero, SoMa, South Beach, Mission Bay, Dogpatch and Hunters Point. If you’re open to these types of properties, you’ll have less competition and be more likely to get a break on price.
Here’s a quick look at each of these markets as of July 13th, when I grabbed the data from the San Francisco Association of Realtors MLS:
Active listings: 213
Average days on market (DOM): 42
Number recent price reductions: 15
Median price: $900,000
The one-bedroom condo is a tough sell these days, as many buyers seek homes that can accommodate office space. The pricing for these units is nowhere near bargain territory; there are currently 67 one bedrooms on the market for $1M or more, and 15 for $1,450,000 or more. (Clearly this segment of the market may have some correcting to do.) The most expensive one bedroom is in the high-rise at 2200 Sacramento #1305, a view unit listed for $2,050,000. One of the challenges the current crop of one bedrooms faces is that 84% of them have HOA dues in excess of $500/month. One-bedroom buyers typically have more limited budgets and a serious cap on the amount of HOA dues they can pay.
What’s going into contract in ten days or less: One bedrooms for up to $1M in new construction buildings like the Outer Parkside’s The Westerly; updated homes with period detail in classic neighborhoods like Pacific Heights and the Haight.
What’s been on the market for 30+ days: Units at 555 Fulton in Hayes Valley; condos that have HOA dues well above $500/month.
Active listings: 352
Avge DOM: 47
Number recent price reductions: 16
Median price: $1,711,865
By far the most popular condo type, two bedrooms are more equipped to meet work-from-home needs and also generally have more flexible space. Again, high HOA dues narrow a unit’s buyer pool; 32% of the two bedrooms currently on the market have monthly dues of $800 or more. There are 75 units listed for $2M – $15M, with the highest priced two bedrooms located in prestige buildings like 2121 Webster, the St. Regis, 181 Fremont and The Nob Hill.
What’s going into contract in ten days or less: Two bedrooms in the $1M – $1,750,000 range in neighborhoods like Cole Valley, Inner Richmond, and the Mission; units with 1.5 or two bathrooms.
What’s been on the market for 30+ days: Condos in new or very recently constructed buildings like 555 Fulton, 1731 Powell, 718 Long Bridge, 1545 Pine, 181 Fremont, 401 Harrison. Also, units in large buildings at 260 King, 101 Lombard, and condos from $2M in larger buildings.
Active listings: 136
Avge DOM: 49
Number recent price reductions: 8
Median price: $1,947,000
Three bedrooms are actually the smallest segment of the market. More than a quarter of the listings are $2.5M or more, and there generally are fewer buyers around—especially now—who can afford a three bedroom. These units are presently scattered among all neighborhoods citywide, without a big concentration in any one particular area.
What’s going into contract in ten days or less: Three bedrooms with parking in the $1.4M – $2M range in Noe Valley, Pacific Heights, Lake Street and Inner Sunset.
What’s been on the market for 30+ days: Condos in the $3M – $11M range.