We’re half way through 2019 and the San Francisco real estate market is heating up again. Median sales prices soared in June, reaching new highs. Expect the summer months to slow slightly before the market takes off again for the Fall selling season.
Median Sales Price:
After a pretty lackluster first quarter, where home sale prices fell compared to the 4th quarer of 2018, there was a palpable shift as we headed into the Spring months of April and May. Those results are finally coming to light as home prices soared to a new high for June, a reflection of sales of properties that went on the market and into contract in April and May. Single family home prices shot up to over $1.7 Million, more than 8% higher than the same month last year. Condos and lofts prices grew 11% year over year, reaching a median sales price of $1.3 million.
Just as things were heating up with buyers coming out in droves, the number of new listings to come on the market for sale hit a low for the year. New listings for single family homes were down over 37% compared to June 2018. New condo and loft listings were down 41% year over year. This combination of low inventory with high demand could result in futher price increases as the year unfolds.
Given increased buyer demand alongside a small stream of new properties coming to market, it’s no surprise that the number of active listings (those available for sale at the end of a given month) also plunged. Active single family homes for sale were down 16% compared to the same month last year; Condos and lofts saw an almost 23% decrease versus June 2018.
Percentage of Properties Sold Over List Price:
Not surprisingly the percentage of properties selling over their asking price was also the highest it has been this year, though still not the higher percentages we saw last year. About 84% of single family homes sold over their list price in June, down 5.5% from June, 2018. Almost 70% of condos and lofts sold for over asking price, down about 3% compared to the same month last year.
Average Percentage of List Price Received:
Like the percentage of properties sold over list price, the average percentage of price received has been steadily increasing throughout the year. For single family homes, the average was almost 116%, about 4% lower than the same month last year. Condos and lofts sold on average for 108% of their list price, up just slightly (.6%) compared to June 2018.
Average Days on Market:
Strong buyer demand combined with falling inventory levels has led to homes spending less time on the market. June experienced its lowest months supply of inventory so far this year. Single family homes spent an average of 22 days on the market, with condos and lofts spending just 27 days on market before accepting an offer.
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.