March 2020 San Francisco Real Estate Market Update

Here are the statistics for the February real estate market in San Francisco. The pre-Spring market got off to a healthy start with both single family homes and condos/ lofts seeing increases in median sales price. Homes continued to sell quickly overall, with both average days on market and months supply of inventory decreasing. More than not homes are selling for over the list price, though we aren’t seeing the massive overbids overall that we’ve seen in the past. Some homes are selling well over their asking price while others are not getting the same “bump.” It’s more property-by-property, which could in part be due to more properties coming out with “transparent pricing,” as well as buyers hitting pain points in terms of how much they want or are able to bid over the asking price.

Median Sales Price:

Prices for single family homes continued to increase with an over 7% increase to $1,610,000. Condos and loft median prices increased almost 13% to $1,288,500.

New Listings:

As we approached the Spring selling season, new listings were on the rise. Single family homes saw a 3% increase in new listings with 195 new homes come on the market. Condos and lofts saw an over 9% increase with 282 new units hitting the market.

Active Listings:

Active listings are the number of listings still available for sale at the end of the month. Active listings for single family homes were down over 10% and condos and lofts were down almost 10%. This shows properties are still selling quickly.

Average Percentage of List Price Received:

Over 72% of single family homes sold for over their list price, selling on average at 112% of their asking price. This was down just 0.5% compared to February of last year. Almost 65% of condos and lofts sold over their list price, averaging 105.5%, up 1.2% compared to the same month last year. Prices seem to be stabilizing as more proprerties are sold at “transparent pricing.”

Months Supply of Inventory:

It continues to be a seller’s market with scant inventory selling quickly. Single family homes had only 2.3 months of inventory in February, down 8% compared to the same month last year. Condos and lofts did not fare much better, with only 2.6 months of inventory, down 7% compared to last February.

Days on Market:

On average, single family homes spent just 24 days on the market before accepting an offer, down over 17% compared to the same month last year. Condos and lofts spent an average of only 27 days on the market, down 29% compared to February 2019.

Average Price per Square Foot:

Single family homes sold for an average of $1,023 per square foot in February, up 3.5% compared to the same month last year. Condos and lofts sold for $1,147/ sqare foot on average, up 2.1% compared to last February.

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.