Condo Sales Prices Reach New High
As the year winds down to a close, the real estate market tends to wind down as well. Fewer homes came on the market as is typical for this time of year, especially in the high-end luxury market. Condos saw an all-time high in median sales price, while the single family home median price dipped slightly compared to last month. Both, however, were up compared to this month last year. Months supply of inventory also plunged, though the percentage over list price homes sold for remained fairly steady compared to last month. Here are the numbers.
Median Sales Price:
Though down slightly compared to October’s high of $1,500,000, single family homes ticked up almost 11% compared to last year’s November median sales price. Meanwhile, condos prices reached an all-time high with a median sales price of $1,247,500, up 16% compared to last year.
New and Active Listings:
Not surprising, new and active listings were down compared to last month. Only 114 new single family homes came on the market in November, down not only compared to last month but also down a signficant 17.4% compared to November of last year. Condo listings were also down compared to last month, with 149 new units coming on the market. But that was about a 3% increase compared to November 2016. For active listings overall, both single family homes and condos were down 29% and 19% respectively compared to November last year.
Months Supply of Inventory:
As the number of properties available for sale plummeted, so did MSI. In November there was only 1.4 months of inventory for single family homes, a 33% decrease from last November. MSI for condos was down over 20% with only 1.9 months of inventory.
Average Percentage of List Price Received:
The average percent of list price received remained steady compared to October. On average, single family homes received about 15% over the list price, while condos received about 5% over the price at which the property was listed. For single family homes, this was an increase of 6% compared to November 2016 and a 2% decrease for condos and lofts compared to last year.
The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.