The Marin County and San Francisco real estate markets experienced notable changes in May 2024. The 3-month-rolling median house sales price rose by 4% year-over-year, reaching its highest point since mid-2022 at $1,735,000. The median condo sales price, however, declined by about 1% year-over-year to $1,135,500. The volume of home sales year-to-date in 2024 increased by approximately 12% compared to 2023, with luxury home sales ($5 million+) surging by 62%.
Active and coming-soon listings on June 1, 2024, were 36% higher than the previous year, marking the highest count in over two years. The number of home and luxury home sales in May 2024 reached their highest monthly counts since mid-2022. Over 50% of homes sold in May went for more than the asking price, with houses averaging a sales price almost 13% above asking and condos slightly over asking. This is the highest percentage of above-asking sales since mid-2022. Additionally, average days on market were the lowest in 12 months.
Despite the 30-year-loan interest rates hovering around 7%, a rate many buyers and sellers now accept as the norm, the market remains active. An estimated 30% to 40% of national homebuyers are paying all cash, influenced by stock markets reaching new all-time highs and boosting household wealth. However, it is common for home listing and sales activity to slow down during the summer months.
As always, reach out to our team if you have any questions, we're here to help.
CLICK HERE TO SEE THE FULL MARIN COUNTY REPORT
CLICK HERE TO SEE THE FULL SAN FRANCISCO REPORT
