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

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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:

Month Median Sale Price Per SF (US$)
January 551.25
February 759.28
March 739.79
April 754.67
May 748.68
June 799.51
July 808.26
August 681.95
September 706.47
October 826.46
November 601.28

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

Month Percentage 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.

Market Predictions for 2024:
As we look ahead to 2024, it’s essential to consider several factors that could impact the San Francisco real estate market. Economic indicators, such as interest rates and job growth, will play a significant role in shaping buyer behavior. Additionally, external factors like global economic conditions and geopolitical events can influence investor sentiment.

Based on the observed volatility in 2023, we anticipate a continuation of fluctuating prices in 2024. However, the overall trajectory may lean towards stabilization as the market adjusts to changing dynamics. Buyers should remain vigilant for favorable opportunities during periods of price dips, while sellers should be prepared to adapt to shifting market conditions.

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