Generally speaking, San Francisco home sellers did quite well in 2018. The median price for single family homes grew 13% year over year, and condos and lofts median prices grew almost 5%. Homes sold rather quickly and most for more than their list price. Here’s how the year shook out:
Median Sales Price:
The median sales price for 2018 reached $1.6 million, up 13% compared to last year as previously stated. The almost 5% bump for condos and lofts brought their median price to just over $1.2 million.
Average Days on Market :
Thanks to continued anemic inventory available, homes in 2018 practically flew off the proverbial shelves. Single family homes spent an average of 23 days on the market before accepting an offer, down almost 14% compared to 2017. Condos and lofts averaged 31 days on the market, down almost 15% year over year.
Percentage of Homes that Sold Over List Price:
The majority of homes continued to sell over their list price in 2018. 80% of single family homes and 61% of condos and lofts sold for more than their asking price. Both were a slight increase compared to 2017.
Average Percentage of List Price Received:
The average percentage of list price received for both single family homes and condos/ lofts remained pretty steady for the second half of 2018, though it’s still up a tad for the year compared to 2017. On average, single family homes sold for 116% of their list price, up just .8% compared to the previous year. Condos and lofts sold for an average of 106.5%, 1.3% higher than 2017.
One bright spot in 2018 vs 2017 is that there was slightly more inventory. Overall there were 2,728 new single family home listings in 2018, up about 5% over 2017. Condos and lofts had 3,344 listings, also up 5% compared to the previous year.
Months Supply of Inventory (MSI):
MSI inched up in 2018 compared to 2017 for single family homes, which stood at 2.2 months in 2018, up 10% compared to the previous year. Condos and lofts had no change year over year, remaining at 2.5 months.
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.