Trends at a Glance (Single-family Homes)
| Oct 24 | Sep 24 | Oct 23 | |
|---|---|---|---|
| Home Sales | 235 | 142 | 190 |
| Median Price | $1,750,000 | $1,610,000 | $1,654,000 |
| Average Price | $2,334,109 | $1,950,888 | $2,327,080 |
| SP/LP | 109.1% | 109.3% | 105.2% |
| Days on Market | 22 | 26 | 22 |
Trends at a Glance (Lofts/Townhomes/TIC)
| Oct 24 | Sep 24 | Oct 23 | |
|---|---|---|---|
| Condo Sales | 207 | 143 | 187 |
| Median Price | $1,250,000 | $1,100,000 | $1,140,000 |
| Average Price | $1,415,180 | $1,305,660 | $1,262,829 |
| SP/LP | 101.9% | 102.5% | 99.4% |
| Days on Market | 48 | 56 | 45 |
Prices & Sales Up in October
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Median sales price for single-family homes: Increased by 8.7% from September to October, with a year-over-year rise of 5.8%.
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Average sales price for single-family homes: Up 19.6% month-over-month and 0.3% year-over-year.
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Sales of single-family homes: 235 homes sold, a 23.7% increase YoY. The long-term average (since 2000) is 214, showing strong demand.
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Median sales price for condos/lofts: Up 9.6% YoY.
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Average sales price for condos/lofts: Rose 12.1% YoY.
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Sales of condos/lofts: 207 units sold, a 10.7% increase YoY, compared to the average since 2000 of 230.
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SP/LP ratio: Decreased slightly from 109.3% to 109.1% for single-family homes, and from 102.5% to 101.9% for condos/townhomes.
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Average days on market: 22 days for single-family homes, 48 days for condos/townhomes, reflecting a quicker turnover for homes this month.
Momentum Statistics
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Sales momentum:
- Single-family homes: Increased from +7.9 to +9.7.
- Condos/lofts: Rose by 2.3 points to –0.6.
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Pricing momentum:
- Single-family homes: Rose by 0.5 points to +3.9.
- Condos/lofts: Increased by 1.2 points to +2.3.
Momentum statistics are based on 12-month moving averages to account for seasonal variations.
Conclusion
The San Francisco market showed robust activity in October 2024, with notable price and sales increases across both single-family homes and condos/lofts. Median and average prices are up, indicating a strong demand, while SP/LP ratios suggest competitive bidding. Single-family homes are selling faster than last month, which may point to rising buyer urgency as we head toward the end of the year.
For those considering buying, selling, or investing, this evolving market offers substantial opportunities. Contact us for a personalized market analysis.
For more information, visit: https://rereport.com/sf/robb/
