Author: Debra Donovan

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

Home / Author: Debra Donovan

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

August 2021 San Francisco Real Estate Market Update

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.

Median Price:

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:

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:

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:

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.

 

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

July 2021 San Francisco Real Estate Market Update

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.

Median Price:

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:

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:

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.

Sold Listings:

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.

 

 

 

 

 

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

June 2021 San Francisco Real Estate Market Update

Single family home prices soared to a new high in May as inventory remained insufficient to meet demand. New and active listings were down while sold listings were up. As a result, there was an increase in the percentage of properties selling over list price, and for the average percent over list price they received.

Single family homes are clearly still in a sellers market with less than 2 months of inventory.  The condo market is regaining steam, particularly at the higher price segment of the market and now at just over 3 months of inventory (compared to Q3 2020 with almost 10 months of inventory). The lower, less than $1Million, market continues to be sluggish though.

Keep in mind that last May was the first full month of the pandemic stay-at-home order, so fewer listings were for sale.

Median Sales Price:

The median price for a single family home hit a new high in May, reaching $1,900,000 and increasing 19.7% year-over-year. The median price for a condo  grew 15.9% to $1,242,500, thanks to the higher end of the market. Smaller units in the lower price range are still struggling.  As the City and offices start reopening, I would anticipate the condo market will continue to improve.

New Listings:

New listings for single family homes were down in May, adding to an already anemic supply compared to enormous demand. New condo listings were also down compared to both the same month last year, and compared to last month.

Active Listings:

Active listings for both single family homes and condos were down in May compared to both last month and last May. Single family home active listings were down over 33%, while active condo listings were down almost 12%. Active listings are the number of listings still available for sale at the end of the month.

Sold Listings:

Sold listings were up for both single family homes and condos. Year-over-year, single family home sales were up almost 130% and condo sales were up over 267%. This large percentage of increase, however, is not just due to increased demand. When comparing year-over-year, both market segments were down in 2020 due to the pandemic.

Percentage of Properties Sold Over List Price:

About 80% of single family homes sold for over their list price in May, up 26% year-over-year. To be fair, often homes are marketed below their true value (or the seller’s desired price) as a marketing strategy to create a multiple offer situation. Over half of condos sold for over their list price, up 5% year-over-year, and the highest percentage we’ve seen since April 2020, just at the onset of the pandemic.

 

Average Percentage of List Price Received:

On average, single family homes received 116.8% of their list price in May, up 10% compared to May 2020. Condos sold for an average of almost 6% over asking price, up 5% compared to the same month last year. Again, the higher in price point for condos, the more competitive.

Average Days on Market:

Single family homes spent an average of 18 days on the market before accepting an offer, down 25% compared to last May. Condos spent an average of 33 days on the market, down more than 15% year-over-year.

Months Supply of Inventory:

Single family homes had just 1.7 months of inventory in May, down more than 56% compared to last May. Condos’ and lofts had just 3.3 months of inventory, down more than 47% year-over-year.

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 pulle

 

 

 

 

 

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

May 2021 Daly City Real Estate Market Update

The Bay Area continues to see a scorching hot real estate market. While many sellers put off selling their home during the stay-at-home order due to the pandemic, buyer interest never really waned. Low interest rates, a desire for more space and outdoor area drove buyers to continue their hunt for a home. While this did effect some areas negatively (think condos in South Beach, SoMA, Downtown and other tech-company heavy areas of the City), for the most part — and particularly for single family homes — the market has been insatiable. Inventory remains very low in spite of the double-digit percentage increases in new listings in April and demand has not slowed down yet.

Median Sales Price:
The median price for homes increased year-over-year. Homes in the 94014 zip code increased 29.6% to $1,075,500 while homes in 94015 increased 28.2% to $1,250,000. Limited inventory and high buyer demand continues to put upward pressure on home prices as buyers compete for a limited supply of homes.

New Listings:

Zip code 94014 had 28 new listings, up almost 65% year-over-year. Zip code 94015 had 35 new listings, up 75% compared to the same month last year. Last April was the first full month of the stay-at-home order when many homeowners pulled their home off the market or postponed putting their home on the market due to the health emergency. Still, more inventory is still needed to satiate buyer demand.

Active Listings:

Active listings are the number of listings still available for sale at the end of the month. Active listings in zip code 94014 decreased almost 27% compared to last April. Active listings in zip code 941015 decreased almost 32%. All of this points again to a seller’s market where homes are snapped up quickly.

 

Sold Listings:

Thirty homes sold in zip code 94014 in April, an increase of 30% year-over-year. Zip code 94015 had 34 homes close in April, a 112% increase compared to last April when only 16 homes sold.

Percentage of Properties Sold Over List Price:

The majority of homes in Daly City sold for more than their list price in April. Over 83% of homes in zip code 94014 closed above their list price, up 6.4% year-over-year. In zip code 94015,  88% sold above asking price. The real estate market continues to be hot, with Daly City homes in demand.

Average Percentage of List Price Received:

On average, homes in zip code 94014 sold for 108.6% of their list price, up 2.3% compared to April 2020 and also up slightly compared to last month. Homes in zip code 94015 sold for an average of 111.9%, also up compared to last month and up year-over-year by 1.5%.

Average Days on Market:

Homes in zip code 94014 spent an average of 25 days on the market before accepting an offer, a year-over-year increase of more than 50%. Homes in zip code 94015 spent an average of 24 days on the market, up 14% compared to April, 2020.

Month’s Supply of Inventory:

Zip code 94014 had just 1.4 months of inventory in April, down 39% compared to last year. Zip code 94015 had just .8 months, of inventory. This is a 33% decrease year-over-year. We are clearly in a seller’s market, defined as less than about 5 months of inventory.

 

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

May 2021 San Francisco Real Estate Update

Single family homes continue to sell like gangbusters, reaching a new high in median prices in May. The condo market continues to recover after tumbling last year during pandemic shut-downs. Expect this recovery to continue as workers trickle back into work and the City reopens mid-June. Until then, it remains a bifurcated market. Which is not to say that every single family home is flying off the shelf and all condos are sitting. Price, location and marketing still matter.

Also, this is the first month that we can compare a full month of statistics this year compared to last year first full-month of shelter in place.

 

Median Sales Price:

Single family home prices increased 12% year-over-year to $1,800,000 in May. Condo pricing was down 5% year-over-year to $1,210,000.

New Listings:

New listings were up for both single family homes and condos in April. However new condo listings were down compared to last month. Last April was the first full month of the shelter-in-place, causing many to either pull their home off market or hold off on selling completely. So the stats make sense in perspective.

Active Listings:

Active Listings for single family homes were down about 25% in April, while condos were up almost 16%. Active listings represent the number of listings that are still available for sale at the end of the month, showing again how hot the single family home market is, and also how the condo market is not yet back on solid footing.

Sold Listings:

Sold listings jumped exponentially year-over-year for both condos and single family homes, yet both were relatively flat compared to last month. What we’re seeing again is the effect of last year’s shelter-in-place, when inventory was even lighter.

Percentage Sold Over List Price:

More than three-quarters of single family homes sold for over their list price in April, up almost 9% year-over-year. Fewer than half of condos sold for over their list price, down almost 25% year-over-year but up compared to March of this year.

Average Percentage of List Price Received:

Single family homes sold for an average of about 14% over their list price, up almost 5% compared to the same month last year. Condos and lofts sold for 4% over their list price, down just 1.3% year-over-year but up slightly compared to last month.

Average Days on Market:

Single family homes spent an average of 19 days on the market before accepting an offer, down 5% compared to the same month last year. Condos spent an average of 40 days on the market, up  29% year-over-year but down from March.

Months Supply of Inventory:

Single family homes had 1.8 months of inventory in April, down over 45% compared to April 2020. Condos had 3.7 months of inventory, down 19.6% year-over-year, and the lowest MSI we’ve seen since February 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

April 2021 San Francisco Real Estate Update

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:

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.

Active Listings

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.

Sold Properties:

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.

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

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.

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

December 2020 San Francisco Real Estate Market Update

Happy almost-New Year!! As we close the year that many of us would rather forget, I want to wish you a very happy and prosperous 2021. But before we get there, there’s still November’s data to review.

As is typical, the San Francisco real estate market slows down in November as we head into the winter and holiday months. As a result new listings decreased, though there were still more than last year. Inventory remains high, particularly in the condo segment of the market. This is good news for buyers wanting to take advantage of low interest rates as they have more to choose from and more negotiating power than they’ve had in years. The good news for sellers in November was home prices rose and months supply of inventory declined compared to October.

Median Sales Price:

Home sales prices for both single family homes and condos increased in November, both compared to last month and the same month last year. Single family home prices were up almost 6% versus last November. Condo and loft prices increased almost 1.5% year-over-year.

 

New Listings:

As they are wont to do as we approach the holidays, new listings declined month over month. However they remained above last year, with a 16% increase in new single family home listings and a 6.4% bump in condo and loft listings.

Active Listings:

Overall active listings remain elevated compared to last year, but particularly for condos and lofts, which were up 91% year-over-year. Single family home active listings were up over 20%. But both were down compared to October, as new listings slowed and existing homes sold through.

Sold Listings:

The number of sold listings were up for all properties compared to both last year and last month. Single family home sales were up 27%, while condo and loft sales were up almost 22%. Sold data really represents what was going into contract 30-45 days prior.

Percentage of Properties Sold Over List Price:

As we’ve been seeing through 2020, home prices selling over their list price has been on the decline. Sixty three percent of single family homes sold over their list price in November, down almost 19% compared to November 2019. Only 32% of condos and lofts sold over their list price, down 49% versus November 2019 when almost two-thirds sold over their list price.

Average Percentage of List Price Received:

Like the percentage of properties selling over list price, the average percentage of asking price a listing receives has also continued to decline. In November single family homes sold for an average of 106.3%, down 5% year-over-year and also down from October. Condos and lofts sold for an average of 100.2%, down almost 5% compared to last November and also down from October.

MSI:

Months supply of inventory increased compared to last year, but decreased compared to October. In November single family homes had 3 months of inventory, up 20% compared to last year but down from October’s 4.1 months. Condos and lofts had 6 months of inventory, up 110% year-over-year but still down from October’s almost 8 months.

Average Days on Market:

On average, single family homes spent 32 days on the market before accepting an offer, up 1/3 compared to last year. Condos and lofts spent an average of 48 days on market, up over 45%. As inventory increased and buyers had more options this year, properties (though not all) have stayed on the market longer.

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.