Spring has officially sprung, and with it comes a fresh wave of real estate activity in San Francisco. We’re entering one of the most interesting markets we’ve seen in a while — a mix of renewed buyer energy, limited inventory, and a surprising drop in mortgage rates that’s shaking things up in a big way.
The first quarter of 2025 showed strong momentum, with buyer activity on the rise and sales outpacing last year. Single-family home sales were up 13% year-over-year, and condo sales rose 11%. The luxury market (homes $3M+) also saw impressive growth with a 10% increase in transactions compared to Q1 2024.
Inventory remains tight, especially for single-family homes, where Months Supply of Inventory (MSI) is just 1.4. Condos are slightly more balanced at 3.1 months, but both segments are experiencing a competitive spring landscape that continues to favor sellers — especially in sought-after neighborhoods.
