As the first quarter of 2018 ends, the San Francisco real estate market continues to be red hot. As you may have already seen, the median sales price for a single family home jumped to $1.6 million for the quarter. Interest rates are beginning to rise, so perhaps buyers are trying to “lock in” before they go up anymore.
Here are the numbers for March, 2018.
Median Sales Price:
Not surprisingly, median sales price for single family homes remained lofty in March at almost $1,698,000, up over 25% compared to last year. Condos also jumped almost 12% compared to last year. What’s mostly kept the condo market somewhat in check is the new construction that’s been coming to market over the past few years. Those sales are not typically reported in the MSL and thus are not included in these stats.
New listings for single family homes were down almost 22% in March compared to the same month last year. Condo inventory was also down by over 13% compared to March 2017.
Percentage of Properties Sold Over List Price and Percent of List Price Received:
Given buyer demand and inventory constraints, it’s no surprise that the majority of homes that come on the market sell for over their list price. For single family homes almost 80% of homes sold over list price, receiving an average of about 18% over the asking price. Almost 60% of condos and lofts sold over list price, garnering about 7% over their asking price.
Months Supply of Inventory:
MSI, the amount of time it would take to sell all inventory given the current rate of sales, continues to be low at about 1 1/2 months for single family homes and just under 2 months for condos and lofts. Both are down about 25% compared to the same month last year.
Price per Square Foot:
On average, single family homes in San Francisco are selling for over $1000/ sq. ft. Condos and lofts are selling at an average of over $1,100/ sq. ft. This year is the first time single family homes have reached the $1,000/ sq. ft. for the city overall, an increase of 15% over this time last year. This is also a high point for condos and lofts.
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.