April, It's heating up!
As the sunshine flows into beautiful San Francisco, a warm breath of fresh air is upon the condo scene. It's getting HOT. More condo's are hitting the market, more buyers are realizing their capacity for owning in some of the nicest buildings The Bay has to offer, and more agents are seen walking the streets yelling at their cell phones.
April saw 59 properties sell, with an average of 45 days on market. This is great news for sellers, indicating DOM is dropping after the grueling 58 days on market as the average over January and February.
But what does this mean for you, the idle condo fanatic trying to assess what the worth is of your current home, or seeking to get in on the action?
# of Listings vs. Sales: 35 / 18
Average Sale Price: $1,363,782
Average Price per SqFt: $959
SOMA showed excellent activity in March, with over 50% of the listed properties selling. This is positive reinforcement to the inclination of lower days on market coming into the summer months, with a trajectory of dropping below 30 DOM in the coming months. If you're looking to buy, be ready to jump on something the second you like it. Taking 3-4 weeks to decide could mean the difference between getting the condo of your dreams, and missing out. The best advice any agent can give - Get Pre-Qualified as soon as possible. This will ensure you are ready to move the second something attractive comes across your plate.
Without the outlier of a $9m Four Seasons penthouse, the actual average sale price is $1,089,861.
We get caught up in the ritz and glamour of luxury penthouses and marble lobby floors. But the lower end buyer still has her opportunity for a steal, too. Income Eligible Housing provides an excellent opportunity for blue collar warriors in a world of high tech to buy their desired condo. This is also an EXCELLENT opportunity for millennials to invest in property. Condos such as these require an upper limit income of $75,400.
Been working at Google for $65k base for a few years and have a down payment? Why would you continue renting when your mortgage could be cheaper than your rent!
# of Listings vs. Sales: 57 / 24
Average Sale Price: $1,246,042
Average Sale Price per SqFt: $1,147
While South Beach was moving a little slower than SOMA this month, the price per square foot is astronomical. Owners: If you have been waiting for the market to warm up before considering listing your condo - the time might be upon us.
The traditional big players all had a role in the 24 sales this month, with LUMINA leading the way with 4, and One Rincon Hill and Bay Crest Towers closely behind with 3 each.
# of Listings vs. Sales: 14 / 6
Average Sale Price: $1,065,500
Average Sale Price per SqFt: $1,061
I'm always a big fan of the underdog, maybe it's just the fairytale sports lover in me. Mission Bay is the baby of the group, but with sales and listings increasing month after month, soon enough we'll have completely forgotten this subdistrict was ever a minor. 1500 more doors are on their way to market in the next few years, so expect these numbers to continually rise. You can still get condos for under $1000 per SqFt in luxurious buildings south of the Ball Park. With Uber buying commercial space next to the site of future Chase Arena, I would expect these condos to fill up quite rapidly.