Trends at a Glance (Single-family Homes)
| Nov 24 | Oct 24 | Nov 23 | |
|---|---|---|---|
| Home Sales | 200 | 235 | 186 |
| Median Price | $1,563,500 | $1,750,000 | $1,526,000 |
| Average Price | $2,068,730 | $2,334,109 | $1,976,086 |
| SP/LP | 106.4% | 109.1% | 102.0% |
| Days on Market | 29 | 22 | 31 |
Trends at a Glance (Lofts/Townhomes/TIC)
| Nov 24 | Oct 24 | Nov 23 | |
|---|---|---|---|
| Condo Sales | 208 | 207 | 141 |
| Median Price | $1,120,000 | $1,250,000 | $1,125,000 |
| Average Price | $1,284,629 | $1,415,180 | $1,228,151 |
| SP/LP | 98.5% | 101.9% | 99.5% |
| Days on Market | 65 | 48 | 54 |
Home Prices & Sales Mixed in November
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Median sales price for single-family homes: Fell 10.7% month-over-month and rose 2.5% year-over-year.
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Average sales price for single-family homes: Down 11.4% month-over-month but up 4.7% year-over-year.
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Sales of single-family homes: 200 homes sold, a 2.5% increase YoY, but slightly below the long-term average of 214.
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Median sales price for condos/lofts: Declined 0.4% YoY.
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Average sales price for condos/lofts: Increased 4.6% YoY.
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Sales of condos/lofts: 208 units sold, a 47.5% increase YoY, close to the long-term average of 230.
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SP/LP Ratio: Fell from 109.1% to 106.4% for homes and from 101.9% to 98.5% for condos/townhomes.
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Average Days on Market: 29 days for single-family homes, 65 days for condos/townhomes, reflecting slower movement compared to October.
Momentum Statistics
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Sales momentum:
- Single-family homes: Increased from +9.7 to +10.
- Condos/lofts: Rose by 4.2 points to +3.8.
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Pricing momentum:
- Single-family homes: Increased by 0.1 points to +4.
- Condos/lofts: Increased by 0.2 points to +2.5.
Momentum statistics are based on 12-month moving averages to account for seasonal variations.
Conclusion
The San Francisco real estate market showed mixed trends in November 2024. While sales activity remains steady and prices show year-over-year growth, month-over-month declines in pricing suggest a seasonal slowdown. Condos saw a significant jump in sales volume compared to last year, indicating renewed buyer interest in this segment.
For buyers, longer days on market may present opportunities to negotiate. For sellers, strategic pricing is critical to stay competitive in a shifting market. Contact us for a tailored market analysis and expert advice.
For more information, visit: https://rereport.com/sf/robb/
