Month: March 2021

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Real Estate Agent with Park North Real Estate CA DRE# 01893222

Daly City Real Estate Market Update March 2021

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:

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.

Sold Listings:

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.

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 Bay Area 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.
Real Estate Agent with Park North Real Estate CA DRE# 01893222

February 2021 San Francisco Real Estate Market Update

Note: Due to a massive overhaul of our MLS system I was unfortunately unable to pull the statistics for January. The good news is that with our new system, I can now access this data for a large portion of Northern California. If there is an area for which you’re interested in seeing data, please reach out. Also a reminder: statistics are always a month behind in order to get the most recent sold data.

Demand for single family homes continues to soar as low interest rates and a need for more space drives strong buyer demand. Meanwhile the condo market, which took a hit last year is slowly regaining strength. But low interest rates and still-high inventory still make this an excellent time to buy, whether you’re looking to enter the market or considering an investment property. It continues to be a binary market with single family homes getting snapped up quickly and condos just inching along. Below are the stats for February.

Median Sales Price:

The median price for a single family home continued to rise in February with a 5.1% year-over-year increase to $1,705,000. While the condo market continues to bounce back, pricing still remains slightly below 2020. In February the median price was $1,235,000, down 3.2% compared to last February.

New Listings:

New listings for single family homes were down 22% in February with just 163 new listings coming on the market. Condos and lofts also saw a decrease in new listings as that market starts to level off.

Active Listings:

Active listings are the number of listings available for sale at the end of the month. Active single family homes were down almost 19% in February, not surprising given the enormous buyer interest in that market. Condo and loft active inventory was up 37% year-over-year in February. Still, this is significantly less than what we saw in late Summer and Fall of 2020.

Percentage of Properties Selling Over List Price:

Almost 69% of single family homes sold for over their listing price in February, down 5% compared to the same month last year. The single family home market has been fiercely competitive, even more so since the pandemic set in. Condos and lofts, on the other hand, saw almost 37% of properties sell for over their list price, a decrease of 42.5% year-over-year but up compared to the end of 2020.

Average Percentage of List Price Received:

Single family homes sold for an average of almost 9% over their list price, down 3.3% compared to last year. Condos and lofts on average sold for just over 1% of their list price, also down compared to last February but up compared to the last couple of months where the average was less than 100%.

Average Days on Market:

Single family homes spent an average of 31 days on market before accepting an offer, up from last February’s 25 days. Condos and lofts spent an average of 59 days on the market, not surprisingly up over 100% compared to the same month last year.

Months Supply of Inventory:

Inventory continues to be low for single family homes with only 2 months of inventory, down 28% year-over-year. February is typically lower in inventory compared to the coming Spring months and there’s still just not enough to satisfy the intense demand. Condos and lofts had almost 5 months of inventory, up almost 30% but significantly lower than the high in Fall 2020.

 

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.
Real Estate Agent with Park North Real Estate CA DRE# 01893222

January 2021 San Francisco Real Estate Market Update

December is typically the slowest month of the year in San Francisco real estate as many buyers and sellers snuggle in for the holidays. In many ways, December 2020 was no different, with new listings decreasing compared to November. However December 2020 saw double-digit increases in Sold listings, illustrating again high buyer demand, especially in the single family home market. This was also welcome news in particular for the condo/ loft market where properties have been lingering on the market due to an influx in inventory.  Still, San Francisco continues to be a binary market with demand and prices for single family homes increasing year-over-year while the condo showing a decrease in year-over-year pricing.

Median Sales Price:

Sales prices dropped for both single family homes and condo/ lofts in December compared to November, which is typical for December. But year-over-year single family homes were up over 9% compared to last December, while condo and loft pricing decreased over 8%.

New Listings:

December typically sees fewer new listings as the holidays approach. New listings for single family homes decreased significantly from November and were flat compared to December 2019. Condo and loft new listings also decreased compared to November, and were also down over 10% compared to the same month last year.

Active Listings:

Active listings, the number of listings still available for sale at the end of the month, were up in December. Single family homes had an almost 4% increase in active listings, a welcome increase as demand for such homes remain high. Condos and lofts had a 55% increase compared to the same month last year, expected since this market saw an influx of inventory this year. Still, both were down significantly compared to November.

Sold Listings:

Closed sales for single family homes and condos were up double-digits in December compared to the same month in 2019. Single family homes were up 53% year-over-year, with 268 homes sold while condos and lofts were up almost two-thirds with 308 units selling. A reminder, closed sales represent what was happening 30-60 or more days prior as that’s when most sold properties would have first been put on the market.

Percentage of Properties Sold Over List Price:

In December 63% of single family homes sold for over their list price, down 4.4% compared to 2019 but up compared to November 2020. The percentage of condos and lofts selling for over list price also dropped, with just 30% selling over list price, down almost 40% compared to last year but up compared to November.

Average Percentage of List Price Received:

Single family homes sold for an average of 106% in December, down 3.1% from the previous year. Illustrating again the struggles in the condo and loft market, those properties on average sold for just under 100% (99.5%), falling below 100% for the first time in years.

Months Supply of Inventory:

In December MSI was up for both single family homes and condo/ lofts compared to December 2019. Single family homes had 2 months of inventory, a 5.3% increase vs December 2019 and condos saw an even bigger increase with 3.8 months of inventory, up almost 73% compared to the previous year. Since earlier this year there has been a spate of condo inventory, though the past few months this market appears to be slowly recovering. Both types of properties were down compared to November.

Average Days on Market:

Single family homes spent an average of 30 days on the market in December, down slightly compared to the same month last year. Condos and lofts spent an average of 52 days on-market before accepting an offer, up 8% year-over-year.

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.