Single family homes continue to be the proverbial hottest ticket in town in San Francisco. Prices continue to rise as buyer demand increases. The condo market, which took a hit last year, continues to improve as inventory levels off and months supply of inventory decreases. Interest rates have been rising as well, so it will be interesting to see if this is a game-changer for buyers as we all await the June 15th projected reopened economy.
Median Sales Price:
Prices for single family homes continue to rise due to supply/ demand pressures in the market. Single family home prices reached $1,755,000 in March, up over 11% compared to the previous year. The condo market also continues to improve, increasing from February to $1,221,184, down just 2.7% year-over-year.
New listings for both single family homes and condos were up in March compared to the same month last year. New single family home listings were up over 33%, while new condo and loft listings were up over 65% year-over-year. New listings dipped last March due to the shelter-in-place.
While new listings were up double-digits in March, active listings, which are the number of listings available for sale at the end of the month, were down for single family homes when compared to the same month last year. Active condo listings were conversely up in March, but have been steadily declining since last year.
Nothing says “hot market” like a double-digit increase in sold homes. Sold single family homes increased 48% year-over-year, while sold condo properties increased over 86%.
Percentage of Properties Sold Over List Price:
In March about three-quarters of single family homes sold for over their list price, down about 6% year-over-year but up compared to February. Forty-two percent of condos sold over their list price, down over 30% year-over-year but also up compared to the previous month.
Average Percentage of Price Received:
Single family homes sold for an average of 112.3% of their list price, down 2% compared to the same month last year, but up from last month. Condos and lofts sold for 102% of their list price on average, also down 2% year-over-year but up compared to February.
Average Days on Market:
Single family homes spent an average of 22 days on the market in March, up almost 5% year-over-year, but down compared to February’s 30 days. Condos and lofts spent an average of 44 days on the market before accepting an offer, up 69% compared to last March, but down compared to February.
Months Supply of Inventory:
In March there was just under 2 months of inventory for single family home buyers, down almost a third compared to last year. Condos had 4.3 months of inventory, up 7.5% year-over-year, but certainly far from the 9-10 months of inventory we saw last Fall.