San Francisco’s District 9 condominium market, which encompasses the central east portion of the city—including the neighborhoods of South Beach, Inner Mission, SoMa, and Mission Bay, was especially hard hit due to Covid-19. In the early days of the pandemic there was an almost immediate shift in buyer preferences as people tried to avoid elevators and dense living situations. District 9 is also largely activated by office buildings, so as work-from-home became more prevalent, the area became a ghost town—highlighted by the growing prevalence of homelessness in the neighborhood.
Whereas March and some of April 2020’s closings were bolstered by units that went into contract before or at the onset of the pandemic, by May 2020 closings hit a 5-year low—down over 300% from the previous year. The recent increase in District 9 sales—November 2021 was a 5- year peak for the month—is a positive sign that people are once again accepting District 9 as a viable residential neighborhood. This has been helped by the reopening of large tech companies, even on a hybrid schedule. Although the recent emergence of the omicron strain of Covid has raised some concerns, buyer preferences have eased in the direction of pre-Covid trends. As vaccinations become more widespread and offices, as well as businesses, reopen the upward trend in the market may also translate to increased new construction sales, which are primarily concentrated in District 9.
All information is from sources deemed reliable but no guarantee is made as to its accuracy. All material presented herein is intended for informational purposes only and is subject to human errors, omissions, changes or withdrawals without notice.
