With San Francisco at the forefront of economic growth and opportunity, we’ve seen incredible rates of appreciation in the past ten years. And pricing continued to elevate after this last upturn. Annual 2019 San Francisco condo prices went up 2.3% as compared to 2018. Condo pricing was at their highest in spring of 2019 amid all the IPO excitement.
Can you believe that the average price for a condo in 2009 was $750,000? Currently, it is $1,350,000. New condo construction and flipped TICs-turned-condos has helped with pricing.
The development of newly constructed condos did great things for the Rincon Hill neighborhood. New condo developments at Mira and The Avery were selling at minimum $1,800/sq. ft. Due to affordability, buyers for the neighborhood started to include resales in their search. We saw the neighborhood’s property values go up, with Transbay/South Beach leading San Francisco in price growth.
One of the big factors in SF house price appreciation since 2012 was that demand exceeded supply. Jobs and economic opportunity brought more people to the region, putting upward pressure on housing prices.
Now, newer condos in buildings that were built in the early 2010’s are now considered “ripe” and ready to sell, and original owners in these buildings may see the highest rate of return on their investment. This also seems to coincide with the cyclical pattern of a migration trend out of the city and many condo owners that are relocating are ready to take advantage of this great market.
Nonetheless, condo pricing in most parts of San Francisco continues to be well over $1200/sq. ft. and now is the time to sell if you are ready to make your next move. Call me to discuss strategic marketing to get you the best value for your property.
