Is the market cooling? Not for single family homes! Typically the summer months shows a slight slowing in the San Francisco housing market. Not so this year. Single family home prices increased yet again, while the condo market mostly held its own. Whereas last July we had over 9 months of inventory for condos, putting them squarely in a buyer’s market, now fewer listings are coming on and giving that market some time to recover. While not yet as vibrant as pre-pandemic sales, continued demand and decreasing supply has kept the market afloat.
The median price for a single family home rose again in July to $1,850,000, up 15.6% compared to last July. Condos prices, on the other hand, fell slightly (2.4%) year-over-year to $1,245,000.
New listings for single family homes continues to be thin with only 219 new homes coming on the market in July, down 46.7% compared to last July. New condo listings were also down 58.5% with 258 new listings coming on in July. However, both had higher than “normal” listings in July 2020 as many sellers pushed back their planned home sales to Q3 due to the pandemic.
Active listings were also down for both single family homes and condos in July. Active listings are the number of listings available for sale at the end of the month. Active single family homes were down almost 46% compared to last July, while active condos were down almost 43%.
Sold listings were up for single family homes and condos in July. There were 253 single family homes sold in the month, up 5.9% compared to last July. There were 329 condos sold, up 39.4% year-over-year.
Percentage of Properties Sold Over List Price:
Over 84% of single family homes sold for over their list price in July, up almost 30% compared to last July. Condos saw over 55% of listings selling over list price, up 22% year-over-year.
Average Percentage of List Price Received:
On average, single family homes sold for 118.6% of their list price, up about 12% compared to last July. Condos sold for an average of 105% of their list price, up 4% year-over-year.
Average Days on Market:
Single family homes spent an average of 18 days on the market in July before accepting an offer, down 28% year-over-year. Condos spent an average of 38 days on the market, up 8.6% compared to last July.
Months Supply of Inventory:
Inventory for single family homes remains well below enough to satisfy demand. In July there was only 1.8 months of single family homes available for sale. Condos had 3 months of inventory, slightly better but down 68% compared to last July when San Francisco had over 9 months of condo inventory.