As we round the corner into month three of the Bay Area shelter-in-place, things seem to be slowly but surely opening up. In some ways real estate in San Francisco never fully closed, though our ways of conducting business has changed dramatically. Many sellers either pulled their properties off the market or postponed their on-market date, but not all did. And buyers were still out buying.
These are encouraging signs for Bay Area real estate because:
– This reflects the fact that this began as a health crisis, not an economic crisis.
– It reinforces that this is a short-term problem with a long-term solution once the virus is controlled.
– Motivation has not diminished.
In April home sales prices rose, with single family home prices reaching a new median high. Inventory remained anemic and well below seasonal norms. The good news is that as of this writing there is an uptick of properties on the market in May. All signs continue to point to properties selling relatively quickly and in some cases still with multiple offers.
Below are all of the statistics:
Median Sales Price:
Sales prices for both single family homes and condos/ lofts increased both year over year and month over month. The median sales price for a single family home in April hit a new high of $1,699,500, up from last month’s $1,650,00 and up 5.4% compared to the same month last year. Condo and loft sales prices bounced back to $1,300,000, up from last month as well as up 4% compared to the same month last year.
Many sellers are holding off putting their home on the market until the Shelter in Place is lifted. As a result an already deficient funnel of properties to buy has been exacerbated by the current pandemic slowdown. New listings in April were down by almost 60%. Single family home inventory was down more than 55% while condos and lofts were down almost 60% compared to the same month last year. They were both also down compared to March since by the time the shelter order was in place mid-month many listings were already on the market or in contract.
Active listings are those listings still available for sale at the end of the month. Not surprisingly, in April both single family home and condo/ loft listings were down compared to the previous year thanks to continued buyer demand and a deficit of homes for sale. Active single family homes were down more than 18% compared to April 2019 and condo/ loft active listings were down almost 15% compared to the same month last year.
Not surprisingly the number of sold listings tanked in April as well due to the anemic number of listings on the market. Single family home sales were down 55% while condo and loft sales were down almost 65%
Percentage Sold Over List Price:
While the majority of homes in San Francisco sell for over their list price, the percentage of single family homes selling above decreased 7% compared to last April. This could be due to sellers using more transparent pricing. Condos and lofts, on the other hand, saw a 5% increase compared to last year with almost 60% selling over their asking price.
Average Percentage of List Price Received:
Again we may be seeing the results of more transparent pricing when looking at how much over asking properties received. Single family homes sold on average for about 9% over their list price, down 3.2% compared to last year while condos and lofts sold for an average of 6% over asking price, about the same as last year.
Months Supply of Inventory:
MSI decreased for both single family homes and condo/ lofts compared to the same month last year. Single family homes had only 2.4 months of inventory at the end of April, down almost 8% compared to April 2019. Condos and lofts had only 2.7 months of inventory, down 3.6% compared to last year. Both were up slightly compared to March, but have continued to trend under 3 months since last October.
Average Days on Market:
The San Francisco market remains brisk with homes selling quickly. In April single family homes sold in 22 days on average, down over 15% compared to the same month last year. Condos and lofts sold in 30 days on average, down almost 17% compared to last 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.