After months of hearing that interest rates were expected to rise, we are now seeing that come to fruition. Last week the 30-year fixed rate hit the highest it has been in 7 years. Rates have since fluctuated a bit (for example, on the morning of this writing they went down). Still, overall, most are expecting rates to continue to rise. This doesn’t seem to have affected buyer activity thus far, but a 1/2 or full point on a mortgage can make a big difference, so that may change if rates continue to climb.
Here are the numbers for April:
Median Sales Price:
The median price for a single family home eased a bit in April, dropping to $1,650,000 (vs. $1,695,000 in March and $1,700,000 in February). Still it was an almost 20% increase over the median price of a single family home in April 2017. Condos and lofts median sales price also calmed a bit compared to last month, ending at $1,250,000 vs. $1,273,000 in March. Prices were still up over 13% compared to the same time last year, though.
New listings on the market remained anemic, and even dropped compared to March. Only 218 single family homes came on-market, fewer than the 247 that came to market in March, and a decrease of almost 12% compared to the same month last year. Condos and lofts also saw a drop in new listings, 268 compared to 294 last month, but that was an increase of almost 9% compared to April 2017.
Percentage of Properties Selling Over List Price:
Almost 78% of single family homes sold for over their list price in April, up slightly compared to last month as well as April of last year. Over 67% of condos and lofts sold over their asking price, up 8% compared to the same month last year. With so few homes on the market, buyers are willing to compete aggressively for properties.
Average Percentage of List Price Received:
As demand continues to outstrip supply, buyers continue to offer over-asking prices on properties. On average, single family homes received almost 20% over their list price, up almost 4% compared to the same month last year. Condos and lofts received an average of 9% over asking price, also up almost 4% compared to April 2017.
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.