The median price for single family homes and condos in San Francisco took yet another leap in June. While the summer months typically means a slowdown for real estate in San Francisco, this year buyers are still out in droves. New and active listings were down compared to the same month last year, yet the number of sold properties increased year-over-year. Some of this, certainly, is because last year we were in the throes of the pandemic. But even so, prices for single family homes in particular continue to reach new highs. Below is the breakdown of the June 2021 statistics.
The median price for a single family home grew 12% year-over-year and reached a new high of $1,940,000 in June. This was also an increase compared to last month of this year. Condo prices grew 7% compared to last year, reaching $1,275,000 in June. While this is an increase compared to last year it’s still lower than the $1,295,000 median price of June 2019. Still, the condo market continues to make gains compared to last summer when that market softened.
New listings were down year-over-year for both single family homes and condos. Single family homes saw an almost 31% decrease in new listings compared to June 2020. Condos saw an over 40% decrease.
Active listings, the number of listings still available for sale at the end of a month, were down for both single family homes and condos in June. This is yet another indication of how quickly homes are selling and how high the demand is. Active single family homes for sale at the end of June were down 39% compared to last June. Active condo listings were down 25% year-over-year. Both were also down compared to May 2021.
Sales of single family homes were up about 76% compared to June 2020, and also up compared to May of this year. Condo sales were up over 162% year-over-year and also up compared to May 2021.
Percentage of Properties Selling Over List Price:
Over 82% of single family homes sold for over their list price in June. This is up 50% compared to the same month last year. More than half of condos sold for over their list price, up 69% year-over-year.
Average Percentage of List Price Received:
On average single family homes sold for 116.4% of their list price in June, up 10% compared to the same month last year. Condos sold for an average of 105.6% of their list price, up over 5% year-over-year.
Average Days on Market:
Single family homes spent an average of 17 days on the market before accepting an offer, down almost 35% in June. Condos spent an average of 34 days on the market, up 6.3% year-over-year.
Months Supply of Inventory:
Both single family homes and condos are firmly entrenched in a seller’s market yet again. In June there was just 1.8 months of single family home inventory, down 59% year-over-year. Condos had 3.2 months of inventory in June, down 58% compared to last June. This does not mean that every home in San Francisco is selling quickly, but rather more homes than not are.
The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from the 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.