Happy almost-New Year!! As we close the year that many of us would rather forget, I want to wish you a very happy and prosperous 2021. But before we get there, there’s still November’s data to review.
As is typical, the San Francisco real estate market slows down in November as we head into the winter and holiday months. As a result new listings decreased, though there were still more than last year. Inventory remains high, particularly in the condo segment of the market. This is good news for buyers wanting to take advantage of low interest rates as they have more to choose from and more negotiating power than they’ve had in years. The good news for sellers in November was home prices rose and months supply of inventory declined compared to October.
Median Sales Price:
Home sales prices for both single family homes and condos increased in November, both compared to last month and the same month last year. Single family home prices were up almost 6% versus last November. Condo and loft prices increased almost 1.5% year-over-year.
As they are wont to do as we approach the holidays, new listings declined month over month. However they remained above last year, with a 16% increase in new single family home listings and a 6.4% bump in condo and loft listings.
Overall active listings remain elevated compared to last year, but particularly for condos and lofts, which were up 91% year-over-year. Single family home active listings were up over 20%. But both were down compared to October, as new listings slowed and existing homes sold through.
The number of sold listings were up for all properties compared to both last year and last month. Single family home sales were up 27%, while condo and loft sales were up almost 22%. Sold data really represents what was going into contract 30-45 days prior.
Percentage of Properties Sold Over List Price:
As we’ve been seeing through 2020, home prices selling over their list price has been on the decline. Sixty three percent of single family homes sold over their list price in November, down almost 19% compared to November 2019. Only 32% of condos and lofts sold over their list price, down 49% versus November 2019 when almost two-thirds sold over their list price.
Average Percentage of List Price Received:
Like the percentage of properties selling over list price, the average percentage of asking price a listing receives has also continued to decline. In November single family homes sold for an average of 106.3%, down 5% year-over-year and also down from October. Condos and lofts sold for an average of 100.2%, down almost 5% compared to last November and also down from October.
Months supply of inventory increased compared to last year, but decreased compared to October. In November single family homes had 3 months of inventory, up 20% compared to last year but down from October’s 4.1 months. Condos and lofts had 6 months of inventory, up 110% year-over-year but still down from October’s almost 8 months.
Average Days on Market:
On average, single family homes spent 32 days on the market before accepting an offer, up 1/3 compared to last year. Condos and lofts spent an average of 48 days on market, up over 45%. As inventory increased and buyers had more options this year, properties (though not all) have stayed on the market longer.
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.