Rare Sightings: Condos in San Francisco Under $1 Million
Tallying up all the condos in San Francisco, with their exploding build outs over the past couple of years, there’s a total of 2,500 condos in our fair city. And almost all of those go for over $1 million and many go for multiple millions. The reason? Enormous, gob smacking demand. There are currently around 743 condos unsold in the city, but that is down 12.8 percent from last year – so fewer choices this year. And the current inventory of housing—with a balanced market of six months duration—is sitting at 3.2 months.
The median price for a condo is now $1,129,500, 4.6% over last year’s median—with the average condo price going over $1 M since mid 2015.
Yet, with all this demand and tighter inventory, the under $1 M condo is not yet an extinct species. You can find great deals in neighborhoods like Hunters Point and Mid-Market, with some condos starting down at $650,000.
Check out bizjournals.com slide show on under $1 M SF condos by clicking here.