End of Year Report: Metro New Construction Median Sale Price Per Square Foot in San Francisco, CA (2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in San Francisco, CA (2023)

San Francisco Real Estate Market Analysis: 2023 in Review and 2024 Forecast

Introduction:
The San Francisco real estate market, known for its dynamism and volatility, experienced a series of fluctuations in 2023. In this report, we provide a comprehensive analysis of the Metro New Construction Median Sale Price Per Square Foot for newly built houses in San Francisco, CA, from January to November 2023. Utilizing data from Zillow, we outline trends, highs, lows, monthly percentage changes, annual and quarterly averages, and provide insights for potential buyers and sellers. Additionally, we offer predictions for the market in 2024.

Data Analysis:
Here’s the data provided by Zillow, rounded off to two decimal places:

MonthMedian Sale Price Per SF (US$)
January551.25
February759.28
March739.79
April754.67
May748.68
June799.51
July808.26
August681.95
September706.47
October826.46
November601.28

Trends and Relationships:

  • The data shows significant fluctuations throughout the year, indicating a volatile market.
  • There’s an overall increasing trend in prices from January to October, with a notable dip in November.
  • March saw a slight decrease compared to February, but prices rebounded in April.
  • June and July recorded the highest prices, while November marked the lowest point of the year.

Monthly Percentage Changes:
Here are the monthly percentage changes in median sale prices:

MonthPercentage Change
January
February+37.72%
March-2.56%
April+2.02%
May-0.79%
June+6.80%
July+1.09%
August-15.66%
September+3.59%
October+17.00%
November-27.28%

Annual and Quarterly Averages:

  • The annual average median sale price per square foot for 2023 is $728.83.
  • Quarterly averages:
    • Q1: $682.44
    • Q2: $751.49
    • Q3: $765.02
    • Q4: $711.40

Closing and Ending Figures:

  • The closing figure for November is $601.28.
  • The ending figure for November is $601.28.

Analysis and Recommendations:
Considering the trends observed in 2023, it was a year of mixed opportunities for both buyers and sellers. The market started strong with significant price increases in the first quarter, suggesting a favorable environment for sellers. However, the volatility became more apparent in the following months, particularly with a sharp drop in prices in August.

For buyers, there were opportunities for favorable deals during the months of August and November, where prices dipped notably. However, timing was crucial, as the market rebounded quickly in September and October.

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