San Francisco Housing Market: November 2024 Analysis
The San Francisco housing market in November 2024 presents a complex landscape characterized by declining prices but increased sales activity. The Median Sales Price for homes in the San Francisco metro area stands at $1,484,000, reflecting a year-over-year decrease of 5.2%. Similarly, the Median List Price has dropped by 7.0% to $1,300,000, indicating a downward trend in pricing.
Despite the decline in prices, the market shows signs of robust activity. The number of Homes Sold has surged by 17.8% year-over-year, reaching a total of 859 units. Pending Sales have also increased by 11.8%, totaling 770. This uptick in sales activity suggests strong buyer interest, even as prices soften.
New Listings have risen by 8.3% compared to the previous year, with 535 new properties entering the market. However, the overall inventory has decreased by 10.1%, totaling 1,626 homes. This reduction in inventory, coupled with increased sales, has led to a significant drop in the Months of Supply, which now stands at 1.90 months, a 60.0% decrease year-over-year. Such a low supply level indicates a competitive market environment.
The median Price Per Square Foot has seen a slight increase of 1.5%, reaching $957.28, while the Median List Price per square foot has experienced a marginal decline of 0.2%, now at $898.18. These figures suggest that while overall prices are down, the value per square foot remains relatively stable.
Homes are selling quickly, with the median days on the market decreasing by 2.0% to 26 days. The average sale to list ratio has improved by 1.2%, now at 103.6%, indicating that homes are selling for more than their asking prices. Additionally, 53.0% of homes are sold above the list price, a 3.3% increase from the previous year.
Price Drops have decreased by 6.2%, with 16.9% of listings experiencing a reduction in price. Meanwhile, 31.7% of homes are going off the market within two weeks, a slight increase of 0.9% year-over-year, further highlighting the swift pace of transactions.
Overall, the San Francisco housing market in November 2024 is characterized by declining prices but heightened sales activity, driven by strong demand and limited supply. Buyers are actively engaging in the market, taking advantage of the lower prices, while sellers benefit from quick sales and competitive offers.
