Feature image for SF: February 2024 Market Stats

February 8, 2024

SF: February 2024 Market Stats

By Compass

Open house visitor numbers have surged, new listings coming on the market have risen, the pipeline of coming listings is filling up faster than last year, and the number of homes going into contract is climbing rapidly as the market wakes up. With dramatic improvements since October in interest rates, stock markets, and consumer confidence, both buyers and sellers are re-engaging to a much greater degree, and the velocity of the market is accelerating.

The inventory of house listings remains very low compared to pre-pandemic norms, and the demand vs. supply dynamic is very tight in that segment: One of the big questions in 2024 is how many homeowners, having held off listing their houses since mid-2022, move forward with selling. The supply of condo listings is considerably higher, and while condo and house sales numbers are similar, condo inventory is 130% higher. However, condo market conditions also appear to be heating up in 2024, with market conditions varying significantly between neighborhoods.

January statistics based on closed sales - sales prices, sales volume, days-on-market, and overbidding percentages - will mostly reflect listings that went into contract in late 2023, the slowest market of the year. Spring, typically the most active selling season, will probably result in substantial changes in these indicators. Depending on the weather, "spring" in the Bay Area can begin as early as February.

FHLMC (Freddie Mac), 2/1/24,University of Michigan, Consumer Sentiment Index, Preliminary January Report, 1/19/24The New York Times, 1/26/24, "Economists Predicted a Recession. So Far They've Been Wrong." New Listings Coming on Market San Francisco Market Dynamics & SeasonalityListings Accepting Offers (Going into Contract) San Francisco Market Dynamics & SeasonalitySan Francisco HOUSE Price Trends since 1990 Monthly Median House Sales Prices, 3-Month RollingSan Francisco CONDO Price Trends: Downtown vs. Non-Downtown 6-Month-Rolling Median Condo Sales Prices since 2005*San Francisco House Sales by Bedroom Count & Price Segment*San Francisco Condo, Co-op & TIC Sales by Bedroom Count & Price Segment*San Francisco Residential Market Market Dynamics by Price Segment/Property TypeSan Francisco Homes Market Active & Coming-Soon Listings on 1st of Month*Monthly Home Sales Volume San Francisco Market Dynamics & SeasonalitySan Francisco Higher-Price Home Sales* Homes Selling for $3 Million+San Francisco Real Estate Percentage of Home Sales by Era of Construction*San Francisco House Market by Era of Construction Median House Square Footage, Median Sales Prices*Price Reductions on Active Listings San Francisco Market Dynamics & SeasonalityAverage Days on Market - Speed of Sale San Francisco Market Dynamics & SeasonalityOverbidding List Prices in San Francisco Percentage of Home Sales Closing over List PriceAverage Sales Price to Original List Price Percentage San Francisco Over/Under Bidding: Market Dynamics & SeasonalityMortgage Interest Rates in 2023-2024 30-Year Conforming Fixed-Rate Loans, Weekly Average Readings*San Francisco Population Breakdown Estimates by Race/AncestryStatistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods.

Nasdaq Composite Index January 1995 to 2024 YTD

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