A Historically Busy Year for Highrise Condo Sales
Looking back at the beginning of the year, it is hard to imagine that at one point we thought the condo market would slow down to a halt. Quite the opposite happened – 2021 ends up historically as one of the busiest years for highrise condo sales. In fact, our neighborhood hasn’t seen this many condo closings since 2008.
After plunging during the pandemic, condo sales have soared in 2021, now running at the highest monthly numbers in at least 16 years (and probably ever).
Here are a few reasons why people decided to sell during 2021:
- The rental market experienced a slowdown. The combination of tenants vacating high rise buildings during the pandemic, proposed eviction moratoriums and landlords’ decisions not to re-lease prompted them to sell now and break as close to even on investment.
- A few of my clients took advantage of the developer specials and traded up into new construction, buying units at The Avery and Mira. These clients sold their existing condo properties.
- Families in the highrise neighborhood started to outgrow they condo space as the kids grew older. In the past year, they decided to expand into single family homes.
Despited all the movement, it is important to take note that 2020’s outmigration rate did not dramatically change in comparison to previous years. Although the new cycles reported that San Franciscans were leaving en masse, there was only a 1.4% population decline in San Francisco that amounted to approximately 12,132 people. In addition, the number of my out-of-state Sellers this year was about the same as previous years.
Robyn’s 2021 Market Stats
Robyn sold more condos in South Beach and Mission Bay this year than any other Realtor. Call her today for a market analysis.
ROBYN’S 2021 SALES
Ca Housing Market To Remain Solid Through 2022
High housing demand and even higher home prices will bring California home sales down slightly in 2022, but transactions will still post their second highest level in the past five years, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The California median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021.
