December was an interesting month for the San Francisco Real Estate market. Because of the upset of typical seasons in 2020, the data comparing year-over-year may seem skewed. In 2020 the December market was much busier and vibrant than it usually is, due to the fact that the Spring and Summer seasons were interrupted by the pandemic.
Median Sales Price:
The median price for a single family home was $1,700,000 in December. This was up 9.7%, yet down slightly from November’s $1.9million. Typically December is slower and prices lower particularly because most of the higher end of the market takes a break for the holidays.
The median price for a condo rose 18.5% year-over-year to $1,300,000 in December. Condo prices also increased compared to November. As we’ve been seeing this year, the higher end of the market is experiencing the most growth (+ 9% for $2million or above properties) and less growth or even declines in the lower end of the market (-9% for condos under $750K). As prices continue to rise, there are just fewer condos for sale in the lowest price ranges, but also there is a marked lack of demand for smaller units.
New Listings:
New listings were down in December for both single family homes and condos. Single family homes were down 62% compared to last December, while new condo listings were down 52%. Fewer new properties come to market in December, though again 2020 was an outlier for typical seasons.
Active Listings:
Active listings were also down across the board in December. With much demand and fewer homes on the market, properties were snapped up quickly. Active single family homes on the market at the end of the month were down over 60%, while active condo listings were down over 50%.
Percentage of Properties Sold Over List Price:
Almost 80% of single family homes sold for over their list price in December, up 26% compared to 2020. Over 47% of condos sold for over their list price in December, up 62% year-over-year.
Average Percentage of List Price Received:
Single family homes on average sold for almost 115% of their list price in December, up 8% compared to 2020. Condos sold for almost 104% of their list price, up 4.5% year-over-year. When more inventory is available, such as last December, there is more for buyer’s to choose from and less of a need to offer far above listing price.
Average Days on Market
Single family homes spent an average of 30 days on the market, down 14.3% compared to December 2020. Condos spent 41 days on market on average, down over 30%.
Month’s Supply of Inventory:
There was just under a month’s supply of single family home inventory in December, down 68% compared to December last year. There was only 1.9 months of condo inventory on the market, down almost 69%. While December 2020 saw a busier than usual market, having under 1 or 2 months of inventory is pretty astounding.
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.
