Note: Data is always 30 days behind for the previous month. This is in order to give the fullest picture of the market and the most accurate sales and pricing data. (ex., this month will show February 2021 data compared to February 2020). I’ve separated the data by zip codes 94015 and 94014 to show any differences in the market in these two areas. One month of data is meant to give a snapshot of the market in that time frame. To get a more robust understanding of the market looking at longer-term trends is more important.
Overall, home sales prices in Daly City increased both year-over-year and compared to January of this year. Inventory continues to be sparse, even though up compared to last year. February is typically a lower inventory month as sellers await the Spring market to put their homes up for sale. This is likely exacerbated this year due to the pandemic. It remains a seller’s market with demand outpacing supply, making this a good time for sellers to cash out.
Median Sales Price:
Median sales prices increased in all of Daly City in February. Zip code 94014 had a median price of $1,229,450, a year-over-year increase of 7.4%. Zip code 94015’s median sales price was $1,155,000, up almost 18% compared to last February.
Active listings are the number of listings available for sale at the end of a given month. Inventory in Daly City continues to be anemic. In February there were just 18 properties for sale in zip code 94014 and 12 properties in zip code 94015. Both were up over 30% year-over-year, but with such small numbers just one or 2 properties can mean a big change in the percentages.
February is typically a time of lighter inventory as sellers await the Spring selling season to put their home on the market. In zip code 94014 only 4 homes sold, yet that was up 33% compared to last February. In zip code 94015 8 homes sold, up 100% year-over-year.
Percentage of Properties Sold Over List Price:
Three-quarters of homes that sold in February in zip code 94014 sold for over their list price, down 25% compared to last year. Half of zip code 94015 properties sold for over their list price, down one-third year-over-year. Yet both were up compared to January 2021.
Average Percentage of List Price Received:
Homes that sold in zip code 94014 in February sold for an average of 104.8% of their list price. This was down almost 15% compared to the same month last year, but up compared to January 2021. In zip code 94015 homes sold for an average of 109% of list price, up 4.6% compared to last year and also up compared to January of this year.
Average Days on Market:
Homes for sale in zip code 94014 on average sold in just 8 days on market in February, showing again the low inventory/ high demand tension of this market. This was down 58% compared to last year. Homes in zip code 94015 sold on average in 30 days, up one-third compared to the same month last year. Average days on market reflects the time it takes for a home to be put on the market to the time and offer is accepted.
Months Supply of Inventory:
Months Supply of Inventory, or MSI, depicts the absorption rate at which homes are selling. In other words, it shows the amount of time it would take to sell all available homes currently on the market based on current demand. MSI of 4-6 months reflects a balanced market. Less that that is considered a seller’s market; more is a buyer’s market.
In February zip code 94014 had 2.7 months of inventory, up 22% year-over-year. Zip code 94015 had just 1.4 months of inventory, yet was still up 23% compared to the same month last year. As we’ve been seeing for several years now, it continues to be a seller’s market.
Average Cost per Square Foot:
On average, homes in zip code 94014 sold for $681 per square foot in February, down 24.8% compared to last year. Homes in zip code 94015 sold on average for $799 a square foot, down 5.6% year-over-year. A couple of factors that could affect cost per square foot include a property’s condition, demand for the home, and it’s overall size in square footage. Smaller homes tend to sell for a higher price per square foot.