San Francisco Real Estate Market Update: November 2019

Fall is typically the second business real estate time of the year. As usual we saw the large influx of new inventory hit the market right after Labor Day

For many of us October felt a little bit “funky,” like the market was off a little.

Median Sales Price:

Single family home median prices inched up slightly (3.7%) compared to October 2018. Condo and loft prices made a more dramatic increase of $100,000 compared to the same month last year, an 8% increase year over year.

New Listings:

In spite of an influx (?) of inventory new listings were still down compared to last year. New listings for both single family homes and condo/ lofts were down almost 20% compared to the previous year.

Percentage of Properties Selling Over List Price:

Almost 82% of single family homes sold for over list price, down slightly from October of last year but still up compared to September. Similarly, about 67% of condos and lofts sold for over their list price. This was also down compared to the same month last year but up compared to the previous month.

Average Percentage of List Price Received:

Similar to the percentage of properties selling over list price, single family homes sold for an average of 114% in October. This was about the same as the previous October but up from September. Condos and lofts sold for an average of 106%, down slightly compared to the same month last year, but up compared to September of this year.

Months Supply of Inventory:

MSI for single family homes also dropped in October compared to both last month and last October with only 2.5 months of inventory available. Condos and lofts on the other hand were at 3.2 months of inventory, a drop compared to last month but up 3% compared to October last year.

Average Days on Market:

Single family homes on average spent 22 days on the market, down over 8% compared to the same month last year. Condos and lofts, on the other hand, spent 27 days on market before accepting an offer, up almost 4% compared to October 2018. Both were down compared to September. Again, homes are still selling quickly.

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.