We are officially in what we call the Summer Doldrums. Whereas in other parts of the country, summer is one of the busiest months for real estate here in San Francisco it is among the lightest, with only the holiday season being slower. Perhaps it’s the fog and chillier weather that compels people to get out of the city in search of summer heat. Whatever the reason, keep this in mind while reading some of the below statistics.
Median Sales Price:
Median prices for single family homes remained relatively flat in June, though they rose 11% compared to the same month last year. Condos and lofts also languished at $1,187,500, down from May’s median sales price but up almost 8% compared to June 2017.
June saw the lowest number of new listings of single family homes since February. It was the lowest number of new condo and loft listings since December 2017. Both were also down compared to June of last year, over 12% and 8% respectively.
Given the quick pace of sales along with seasonal summer doldrums, it’s not surprising that active listings remained languid. Active listings represents the number of listings available for sale at the end of the month. For single family homes only about 330 homes remained on the market at the end of June, down over 16% compared to the same month last year. Active listings of condos and lofts were also down 15% compared to last year with only 450 units.
Percentage of Properties that Sold Over List Price:
88% of single family homes sold for more than their list price. That’s up almost 11% compared to June last year and the highest percentage since September 2015. Condos and lofts were equally competitive with almost 68% selling for more than their list price. That’s up over 12% compared to June 2017, and the highest percentage since March 2016.
Average Percentage Sold Over List Price:
If you need further proof that single family homes are flying off the proverbial shelves, look no further than the average percentage of price received in June. Single family homes sold for an average of 20% over the list price, the highest percentage in the 10 years that I looked back. Condos and lofts, which have seen some relief thanks to new construction, sold for an average 7% over their asking price, a 1% increase compared to June 2017.
Months Supply of Inventory:
MSI dropped to 1.7 months for single family homes, a decrease of about 20% compared to the same time last year and the lowest this year since January. Condos and lofts had 2 month of inventory, also a 20% drop from last year and the lowest since December 2017.
Average Days on Market:
Single family homes plunged to an average of 18 days on market in June, a whopping 33% decrease from the same month last year. Condos and lofts averaged 27 days on the market, a 29% decrease from June 2017. Limited inventory is resulting in homes being scooped up quickly.
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.