SAN FRANCISCO—Condominium sales in September were up 25% year-over-year, according to a Polaris Pacific report showing that the city is returning to pre-pandemic sales volume levels. Following a dramatic dip in condominium sales from March through June 2020, the September volume increase was concentrated in sales transactions ranging in price from $800,000 to $1.4 million.
The median sale price was $1.22 million, down 5.8% year-over-year, yet condo closings as a whole hit 255 units, a 34.2% year-over-year increase. There was a strong comeback for many markets in September, with higher year-over-year sales compared to 2019.
Downtown condominium sales remain volatile, while suburban markets have seen a sustained increase in activity to close out the summer season. Low-density neighborhoods such as the Richmond District and the Marina District are exceling in sales volume, while downtown areas such as SoMa and South Beach have experienced weaker market conditions than the rest of the city.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
