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Mission Bay real estate in Q4 of 2021
Mission Bay is slowly regaining traction, with the 1 + 2 bedroom markets picking up steam late in 2021.
Traditionally we see a 30-day market in Mission Bay, with most-all units selling the same month they're listed. After a severely deflated pandemic, the 1 bedroom market continued to regain traction deep into Q4. Days on market dropping by 1/4 was a huge signal to the agent community that 1 bedroom buyers are coming back into the market, anticipating back-to-office in late Q1 of 2022.
As Days On Market continues to return to normal levels, and more buyers purchasing homes later into the holiday season than we see in regular years, Spring '22 is set to see a massive flood of buyer activity.
3 bedroom condominiums were the heaviest hit. Buyers who traditionally seek larger units are permanent city residents, typically older families, that need space but don't want to do any maintenance work.
With this buyer pool transitioning into the single family home market, we are waiting to see who will take their place. Q4 compounded on a year of continual regrowth for Mission Bay.
The key statistics we will use to objectify market data are as follows:
Total Number of Sales In Q4: 40
Average Monthly Sales In 2021: 15
Average Sale Price In Q4: $1,382,000
Average Sale Price In 2021: $1,305,000
Average Days On Market in Q4: 37
Months of Supply (total active listings/monthly sales rate): 1.8
Average Supply in 2021: 5.8
General sentiment from agents: The condominium market as a whole has mostly regained all losses from the pandemic, and buyer demand continues to steadily climb. Mission Bay has been moving slightly slower than surrounding areas, mostly due to an expectation from sellers that units needed to sell above what they bought them for. The problem; a large percentage of homeowners in Mission Bay bought between 2017-2019, generally regarded as the peak of the market.
With back-to-office impending, albeit with the new normal of hybridized office work, we believe you’ll quickly find that people will get sick of their new commute and condominium demand will continue to steadily increase.
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