What is happening with the real estate market in San Francisco as we head into February? Realtors are generally seeing that inventory is still low, especially for single family homes. This has created a strong market for homes with low inventory and high buyer demand. Multiple offers with substantial over asking prices are happening across the city for single family homes that are priced right. The condo market with much more inventory is moving more slowly with condos staying on the market longer but we are starting to see an uptick in this market. On a recent Broker Tour, there were several agents with condo listings who informed me that they had at least 10 disclosure packages out and had set offer dates. When a potential buyer requests a disclosure package, they are ready to review a very detailed listing of the property and its description. By setting an offer date, the agent believes there may be more than one interested buyer and the offer date creates a deadline that can motivate these potential buyers to make stronger offers. These are good signs for the home and condo market!
Let’s take a look at home and condo sales in Presidio Heights this past year.
Home Sales
According to the Multiple Listing Service, 24 homes sold in this neighborhood in 2024 at an average price of $7,578,474, more than $2M less than the 2023 average of $10,094,200. The highest and lowest sales prices in the past year were $24,000,000 for a 12,022 square foot 8 bedroom home on Jackson and $2,400,000 for a smaller 2 bedroom home on Laurel. The average time on the market for these homes was a relatively quick average of 37 days last year, less than the 43 days on the market in 2023. Volume was up in 2024 with 9 more homes selling in 2024 than in 2023.
In 2024, 16 condos sold in this neighborhood at an average price of $2,028,531 down from an average of $2,370,667 in 2023. The highest and lowest sales prices in 2024 were $4,275,000 for a 3263 square foot 4 bedroom condo on Walnut and $750,000 for a 600 square foot one bedroom condo on Arguello. The average time on the market for these condos was 30 days in 2024, much quicker than the 51 days on the market in 2023. Volume is up with 7 more condos selling in 2024 than 2023.
The above numbers do not include any off-market sales that may have occurred. Whether or not selling off market is a good idea was discussed by me in a previous blog post. You can compare these sales to sales in late 2022 in my prior blog post.
Conclusion
Reviewing this data reveals that while there were more sales of single family homes and condos in 2024 than in 2023 in Presidio Heights, average prices for each were lower in 2024 than in 2023. However, it is hard to draw a firm conclusion since off market sales which can sometimes make up 30% of the sales are not included here. In addition, the average sales price is affected by the type of properties sold and an unusually low sales price sale can bring the average down. If Presidio Heights follows the pattern we are seeing in the general market, we can anticipate that with the low inventory (only 3 homes and 2 condos currently on the market here), this market is likely to pick up to satisfy buyer demand.
