Happy End of Summer! I hope you had a wonderful, relaxing time with friends and family.
The July statistics for the San Francisco real estate market are out and you can check them out below. As always, if there is anything I can help you or someone you know with regarding real estate, don’t hesitate to reach out.
Median Sales Price:
The median sales price for homes dropped in July compared to June. This in and of itself isn’t suprising. The Spring selling season typically brings the highest prices annually, and June is when the last of those transactions are closing. The summer tends to slow with less inventory on the market, often particularly the higher priced inventory. What is a little surprising is that the median single family home price in July, $1,576,000, was slightly lower (3%) than the previous July. Usually prices fall compared to June, but are still above the previous year’s. Still, a month does not indicate any particular trend so while surprising it’s not necessarily any indication of the health of the market overall. It could be a symptom of single family home prices becoming even more out of reach for buyers as a whole, or fewer luxury homes on the market. Condo and loft prices also dipped in July, but were up over 6% compared to July 2018.
Fewer listings came on-market in July compared to last year. Single family home new listings were down almost 40% compared to the previous year. Condos and lofts were also down almost 20%.
Given the limited new inventory on the market for the month, it’s not surprising that active listings, the number of listings still available at the end of the month, were also down in July. Single family home listings were down over 25% compared to the same month last year, while condos and lofts were down about 18%.
Percentage of Properties Selling Over List Price:
Slightly fewer single family homes sold for over their list price in July, with 83% selling above asking price, down 2.7% compared to July 2018. Condos and lofts, on the other hand, saw an 11% increase to over 71% selling over the asking price.
Average Percentage of Price Received:
The average percent of list price received remained fairly flat compared to last month as well as July of last year. Single family homes sold for an average of 115% while condos and lofts sold for an average of 108%.
Months Supply of Inventory:
Also known as absorption rate, MSI measures how many months it would take for all of the inventory currently on the market to sell. A balanced market would have 5-6 months of inventory, with a seller’s market having less than that and a buyers market having more. In July single family homes had just under 2 months of inventory while condos and lofts had just over 2 months. It’s still a seller’s market.
Average Days on Market:
Single family homes spent an average of 23 days on the market in July, slightly more than in the same month last year. Condos and lofts spent 30 days on market, the same as the previous year. Homes in San Francisco are still selling very 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.