Polaris Pacific’s Real-Time Market Report Shows Condo Closings & Move-Ins are on the Rise
SAN FRANCISCO – San Francisco condominium sales in September are up 25% year-over-year (YoY) according to a real-time market data report released by Polaris Pacific this week showing that the city is returning to pre-pandemic sales volume levels.
Following a dramatic dip in condominium sales from March through June 2020, September’s increase in volume is 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% YoY, yet condo closings as a whole hit 255 units, a 34.2% YoY increase.
Trends show that low-density neighborhoods such as the Richmond District and the Marina District are excelling in sales volume, while downtown areas like SoMa and South Beach have experienced weaker market conditions than the rest of the city.
“2020 has been a remarkably difficult year for many reasons,” said Garrett Frakes, managing partner of Polaris Pacific, the leading real estate sales and marketing group for new residential communities. “Despite the headwinds though, the ‘superstar cities’ with technology-based economies are poised to rebound strongly. The San Francisco housing market rarely stays down for very long and I expect the depressed conditions in the condo market in Q2 and Q3 to be short-lived.”
The September report is part of the Polaris Pacific COVID-19 Dashboard, which is the country’s only weekly, real-time market trend dashboard that measures changes to the condominium sector of eight core West Coast markets including San Francisco, Los Angeles, San Diego, Silicon Valley, Oakland/Emeryville, Phoenix, Seattle and Denver. Released every Tuesday, the dashboard provides real-time statistics and insights that reveal a rare, data-driven vantage point on the ongoing effects of the pandemic. September saw a strong comeback for many markets, with higher YoY 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.
About Polaris Pacific
Polaris Pacific is the leading real estate sales and marketing group for today’s new residential communities. Drawing on a 30-year legacy of success in the Western United States, Polaris Pacific specializes in new development, leveraging the latest tools and technology to create a clear path forward. Long-term client relationships with industry leaders provide the company’s platform for innovation, establishing Polaris Pacific as the irrefutable expert in major urban markets.