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.