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By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

San Francisco Real Estate Market First Half 2025

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San Francisco Real Estate

Data for the first half of 2025 in the San Francisco real estate market looks much rosier than those in the the first quarter. Sales picked up in the second quarter due to increases in the number of new listings and the number of sold listings. Spring is typically the time that more buyers come to the market and more listings are put on the market. Summer tends to slow again and then the market picks up again in Fall. For the most part, the first half numbers are up due to a lift in Spring sales.

Median Price:

Single family homes remain the holy grail with quick sales and over-asking bidding wars. Overall prices are up but that is largely due to a lift in Q2 pricing. Condos prices also increased year over year by about 10% in the second quarter, lifting condo prices for the first half overall up 1.7%.

New Listings:

New listings were up overall for the first half of 2025 compared to the same time frame last year. Single family homes saw an almost 8% lift in new listings, while new condo listings also increased 1.5%.

Sold Listings:

The number of single family home sales increased 8% for the first half of 2025 compared to last year. Sold condo listings increased 5%, another indication of the condo market slowly coming back to life.

Percentage of Homes Sold Over List Price

In the first half of 2025 more than 76% of single family homes sold for over their asking price, an increase of 8% compared to the first half of 2024. Over 37% of condos sold over list price during during the same period, up almost 4% year over year.

Average Percentage of List Price Received:

The average percentage of list price single family homes received was 112.5%, a 1% increase over first half 2024. On average condos sold for 101.5% of their list price, up 0.6%.

Months Supply of Inventory:

MSI measures the health of a given market and whether that market tends to advantage sellers, buyers, or is in balance between buyers and sellers. A balanced market would be 5-6 months of inventory. Anything less is considered a seller’s market, and anything above would be a buyer’s market. The lower the months supply of inventory, the more it’s a seller’s market and vice versa. Single family homes had just 1.6 months of inventory in the first half of 2025 making it clearly a seller’s market. Condo supply also decreased over 13% with 3.8 months of inventory, also putting it in more of a seller’s market.

Average Days on Market:

Days on market measures the number of days a property is on the market before the seller accepts an offer. In the first half of 2025 single family homes spent an average of 25 days on the market before an offer was accepted, down over 16% compared to the first half of 2024. Condos spent an average of 55 days on the market, an increase of almost 6%.

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.

 

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

Q1 2025 San Francisco Real Estate Market Update

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San Francisco Real Estate

The year started with a fairly strong in the first quarter of 2025, particularly at the beginning of February. Overall, more homes were sold and more new listings were brought onto the market when compared to Q1 of 2024. Prices, however, remained relatively flat or down. Median single family home prices, for example were down 2% quarter over quarter. Condo sale prices continued to lag behind with median prices almost 10% down in Q1 2025 vs Q1 2024.This could be in part due to the housing mix of the market at that time; for example, fewer higher priced properties coming on the market affects median prices as a whole. Or it could be the result of outside effects, such as interest rates or other circumstances affecting buyers’ ability to purchase a home.  Buyer demand, obviously, also affects the market. As we’ve been seeing for a long while, demand for single family homes has ruled in terms of buyer demand, while demand for condos and TICs have been declining since about the onset of the pandemic. However, this presents a great opportunity for buyers looking at condos.

Keep in mind that none of this data reflects the stock market or economic volatility due to the  announcements of tariffs, which came after this time frame. Second quarter will show the effects, if any, that this caused.

Median Sales Price:  San Francisco home sales prices for the first quarter were down for both single family homes and condos. The median price for a single family home dropped 2% to $1,617,500 compared to Q1 2024, and condo prices dropped almost 10% to $1,042,500.

New Listings: New listings increase over the first quarter in 2025 as compared to the same quarter last year. New single family home listings were up almost 9%, and new condo listings were up by about the same percentage as single family homes.

 

Sold Listings: The number of listing that sold in Q1 also increased. Single family homes showed a 15% increase in sold listings, while condos saw a 12% increase compared to the same quarter last year.

Percentage of Properties Sold Over List Price: Almost three quarters of single family homes sold for over their asking price in the first quarter of the year, up 16%. Just 35% of condos sold over their list price, though this was up 14% compared to the same quarter last year.

Average Percentage of List Price Received: In the first quarter of the year single family homes on average sold at 112% of their asking price, about 3% more than the same quarter last year. Condos on average sold at 100.9% of list price which represents a 1% increase compared to first quarter last year.

Average Days On Market: Single family homes spent an average of 30 days on the market before accepting an offer in Q1, which is down 19% compared to the first quarter last year. On average for condos it was 61 days, up 9%.

Months Supply of Inventory: MSI represents the rate at which current inventory on the market would be absorbed. For single family homes, MSI was 1.3 months, down almost 19% from the same quarter last year making it a seller’s market. Condos had 3.5 months of inventory in Q1, down 12.5%, still well below a buyer’s market, which would be 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.

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

Quick update on the San Francisco Real Estate Market

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San Francisco Real Estate

I have been woefully remiss in reaching out to you all for a while, but I hope that your 2025 is all you had hoped for so far. I had planned to do another forecast of what to expect in the San Francisco real estate market in 2025 based on what I was hearing from experts. But then there was the presidential election and the firestorm of changes that ensued that has somewhat put those predictions into question. So here’s a quick update on what we are seeing in the real estate market today, as well as a few slides on how January 2025 fared compared to January 2024. As always, if you or someone you know needs assistance with real estate, I’d be honored to help them.

Interest Rates:

Last year most experts were saying that given the improvements they were seeing in inflation, the Fed would continue to gradually reduce interest rates and mortgage rates would likely be in the +/- 6% range, by year end.

Now, however, lenders are saying that there we may see no rate cuts from the Fed in 2025. This is in part due to threats of tariff wars, which will likely increase prices over time and therefore impact inflation. Last week’s indications that inflation is still not under control may also create more reticence to cut rates too quickly. In the meantime, expect rates to remain in the +/- 7% range for the foreseeable future.

Buyer and Seller Activity:

Despite the slow end of 2024, buyers were back in full swing by the end of January. There seemed to be a lot of pent-up demand that we didn’t see over the second half of last year, which was largely due to interest rates and uncertainty surrounding the presidential election. Now many properties are experiencing increased buyer interest and in many cases, multiple offers. Buyers are becoming more accustomed to the higher interest rates, and particularly in tech-and-finance-focused San Francisco, the stock market has been mostly up this year. For example, I have hosted two open houses where over 100 parties came to see the property. Needless to say, the property sold for a great deal more than the asking price.

In the meantime, sellers remain on the sidelines, thus increasing demand for the homes that are on the market and driving prices up more.

January, 2025 Sales Data:

A note of clarification. The typical escrow period will last anywhere from 21 to 30 days or longer. Therefore, statistics you are seeing for January are primarily for properties that went into contract in December, which is typically when inventory and buyers are low and the high end especially pulls their properties off the market.

Median Sales Price:

Single family homes sold for a median of $1,422,500 in January, down almost 10% compared to last January. Condos, too, were down almost 9%, selling at a median price of $990,000.

Sold Listings:

In January 2025, 122 single family homes sold in San Francisco, up 34% compared to last January. There were 114 condos that sold, also up about 19%. while January was mostly a soft month for sales, it still outpaced the same period last year.

Percentage of Properties Selling Over List Price:

Fifty seven percent of single family homes sold for over their list price in January, which is up almost 14% when compared to last January. Only 18% of condos sold for over their list price, up 4% compared to the same time last year.

Average Percentage of List Price Received:

On average, single family homes received 106% of their asking price, up 1.3% compared to last January. Condos sold for an average of 98.5% of their asking price, up 1.7%.

Average Price per Square Foot:

In January single family homes sold for an average of $976 per square foot, up just 0.5% compared to last January. Condos sold for an average of $995 per square foot, also up but by just 0.3%.

 

 

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.

 

 

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

San Francisco Real Estate Market First Half 2023

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San Francisco Real Estate

Home prices remained restrained and inventory scarce through the first half of 2023. It’s important to keep in mind for context that the first half of 2022 was exceptional, with prices soaring higher and higher. What we’ve seen for the first half of 2023 is median prices closer to pre-pandemic prices. How long that will continue remains to be seen. We also have record lows of new inventory. As interest rates continue to rise, it can seem impractical for homeowners to sell if they bought or refinanced in previous years and now enjoy a very low interest rate. So up-sizers and down-sizers alike are choosing to either stay put or rent their current home instead of selling it as is more the norm. And yet, in spite of all fo the doom and gloom you’ve been reading, there are many anecdotal stories of homes selling well over list price with many multiple offers recently.

Median Price:

Median prices for the first half of 2023 were down double-digits for both single family homes and condos. Single family homes saw an over 18% decrease to $1,570,000 while condo prices dropped almost 9% to $1,150,000

 

New Listings:

As discussed above, new inventory has been quite anemic. New single family home listings were down 27% during the first half of the year when compared to the same time frame last year. New condo listings were down almost 40%.

Sold Listings:

Due to lack of listings, the number of listings sold over the 1st half of 2023 was down significantly for both single family homes and condos. Single family home sold listings were down 32.2%, from 1,336 sold in the first half of 2022 to just 919 sold over the same period this year.

Percentage of Properties Sold Over List Price:

Just 60% of single family homes sold for over their list price in the first half of 2023, down 29% compared to the 86% that sold over list in the first half of 2022. Almost 35% of condos sold over their list price in the same period in 2023, down almost 39% over the first half of 2022.

Average Percentage of List Price Received:

Single family homes sold for an average of 7% over their asking price in the first half of 2023, down almost 11% compared to the same time in 2022. On average, condos sold for their list price during the same period, down almost 6% compared to the fist half of 2022.

Months Supply of Inventory:

Months Supply of Inventory, or MSI, is the inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. Also known as absorption rate. The lower the supply, the greater the competition and the more of a seller’s market. For the first half of 2023 single family homes had just 1.8 months of inventory, up over 38% while condos had 3.3 months of inventory, which is up almost 14% compared to 2022. This is more a commentary on how tight things were in 2022.

Average Days on Market:

Single family homes spent an average of 31 days on the market in the first half of 2023, up 55% compared to the same time frame in 2022. Condos spent 59 days on average on the market, up almost 60%.

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.

 

 

 

 

 

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

October 2022 San Francisco Real Estate Market

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San Francisco Real Estate

From what you’re seeing and hearing in the media, you might think the San Francisco real estate market is in a free fall. Don’t be fooled. What is happening is a calming of the market, not necessarily a bad thing. Median prices were down year-over-year to about the same as what we saw in October, 2020. While interest rates are up, resulting in more of a balanced market than what we’ve  seen in over a decade, buyers are still buying and there are still fewer sellers selling. As a result, it’s still a seller’s market though for many properties the heyday of multiple offers has passed for now and some are staying on the market longer. Still, homes that are well  prepped for sale and properly priced are still seeing swift sales and some are still getting multiple offers.

So if you’re thinking of buying, now’s the time to jump into the market before interest rates rise again. You’ll have less competition than you’ve had in the past.

If you’re thinking of selling, today’s market means preparation and pricing are everything. And of course, patience.

Here are the statistics below,

Median Price:

The price for a single family home fell about 7% in October compared to October 2021, making it about the same as the median price in 2020. Condos were also down 4% year over year.

New Listings:

New listing were again down year over year. New single family home listings were down more than 27% while new condo listings were down almost 25%

Active Listings:
Like new listings, active listings -those still on the market at the end of them month – were also down though perhaps not as low as in the past. Active single family home listings were down 8% while active condo listings were down 19%.

So

Percentage of Properties Sold Over List Price:

Fewer San Francisco homes are selling for over their asking price. As properties sit on the market a bit longer and competitive multiple offers are not as rife, more homes are selling at or close to their offer price. Though not all. Almost two-thirds of single family homes sold for over their list price in October, down 24% compared to October 2021. Only 37% of condos sold over their list price, down almost 40% year-over-year.

Average Percentage of List Price Received:

Just as the percentage of homes overall that sold over their list price decreased, so too did the average percent of list price received decrease. Single family homes sold for 107% of their list price in October, down 8% year over year. Condos sold on average for just about their list price, 100.3%, down 5% compared to October 2021.

Months Supply of Inventory:

MSI for both single family homes and condos crept up in October. Single family homes had 2.2 months of inventory in October, up 16% year over year. Condos had 3.6 months of inventory, up 9%. To put this in perspective, last October the stats were 1.9 months and 3.3 months respectively, so while the change seems significant it really isn’t.

Average Days on Market:

Like months supply of inventory, the average days on market that a property was on market before accepting an offer also increased. Single family homes spent an average of 28 days on the market, up 40% compared to October 2021. Condos spent 42 days on the market on average, up 24% year over year. Like median sales price, these statistics were also about the same as October of 2020.

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.

 

 

 

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

Q3 2022 San Francisco Real Estate Market

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San Francisco Real Estate

Rising interest rates and a volatile stock market shifted the San Francisco real estate market in the third quarter. Buyer demand waned as their spending power fell while interest rates rose. Seasonality may also have played a role because the summer months are typically slow.

Meanwhile home sales slowed a bit and properties took longer on the market to get into contract compared to the same quarter last year. Even so, we are still in sellers’ market territory here in San Francisco.

Median Price:

The median price for a single family home slipped almost 9%  percent in the 3rd quarter compared to the same quarter last year. Condo prices dropped 5% to $1,147,500.

New Listings:

New listings for single family homes and condos were also down for the quarter. There were fewer than 850 new single family home listings in Q3, down 16%. Fewer than 1100 condos came on the market in Q3, down 22.7%.

Sold Listings:

Sold listings decreased for both single family homes and condos. Single family home sales were down about 28% while condos sales were down 34%.

Percentage of Properties Sold Over List Price:

As demand slows and home options for buyers pick up, we are seeing fewer bidding wars for properties, resulting in the percentage of properties selling over their list price to decrease. Just 74% of single family homes sold for over their asking price, down 12% compared to the 3rd quarter 2021. Just 38% of condos sold for over their list price, down over 30%. Seasonality can play a role in this as the summer is typically quieter.

Average Percentage of List Price Received:

The average percentage of list price received in the third quarter for single family homes was 107.7%, down 7% compared to last year’s third quarter. Condos sold on average 100% of their list price, down less than 1% of what they sold for in 2021.

Average Days on Market:

Another indication of the slowing market is homes staying on market longer before accepting an offer. Single family homes spent an average of 25 days on the market in the third quarter, up almost 14% compared to Q3 2021. Condos averaged 52 days on the market, up a third compared to last year.

Months Supply of Inventory:

While the months supply of inventory, which illustrates how long it would take for the existing homes to sell through based on current demand, has increased for both single family homes and condos, it remained in seller market territory in the 3rd quarter.

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.

 

 

 

 

 

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

September 2022 San Francisco Real Estate Market Update

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San Francisco Real Estate

In August rising interest rates and falling stock prices, particularly in the tech sector, resulted in decreased demand and cooling home prices in the San Francisco real estate market. Fewer homes selling means fewer are selling for over their asking price (though many still do), causing some homes to stay on the market longer. While rising interest rates can knock some buyers out of the market due to affordability with higher rates, it offers an opportunity for buyers who are hoping for less competition. While it’s still a seller’s market we do appear to be moving a bit toward a more balanced market.

Prices typically rise in the spring and then stabilize in the summer, so it may be too soon to say just how much the market is cooling. Moving into September, though, we are already seeing an influx in inventory so most are predicting that the market cooling will continue.

Below are the market statistics for August 2022.

Median Sales Price:

The median price for a single family home slipped almost 12% year over year to $1,625,000. Condo prices slipped almost 16% to $1,010,000.

Sold Listings:

As demand lessens, the number of sales has also dropped. Single family home sales were down 28% year-over-year, while condos were down 33% compared to last August.

Percentage of Properties Sold Over List Price:

Three-quarters of single family homes sold for over their list price in August, down 10% compared to last year. Thirty seven percent of condos sold for over their list price, down 34% year-over-year. Cooling demand means less competition, though there are still some homes that are selling well over their asking price while others receive just one or two or even no offers.

Average Percentage of List Price Received:

On average, single family homes sold for 108% of their list price, down 6.4% compared to August 2021. Condos sold for an average of 100.8%, down 3.5% year-over-year. For serious buyers who are still in the market, it’s an opportunity to  take advantage of less competition.

Average Days on Market:

In August, single family  homes spent an average of 26 days on the market before accepting an offer. This is up 4% compared to last year. Condos spent an average of 50 days on the market, up 28% 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 pulled.

 

 

 

 

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

August 2022 San Francisco Real Estate Market Update

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San Francisco Real Estate

The San Francisco real estate market continued the cooling that began in June. Median sales prices were down year-over-year, as was how much buyers needed to or were willing to overbid to get a home. The average days on market also increased, while the number of sold listings fell..

The cooling, though, is not definitive across the board. While many homes are selling just around, or even below, their asking price others are selling for far above their list price. Some of this is due to shifts in pricing strategy. Changing is  the game plan of under pricing a property by ten to twenty percent to foster more competition and more offers. This is particularly true in the condo and TIC markets, but even single family home sellers have been adopting more transparent pricing. This is good news for buyers who in the past have been frustrated with this practice.

Median Price:

The median sales price for a single family home dropped again in July compared to July 2021, decreasing over 9% year-over-year. Condos also decreased almost 3% compared to last July.

New Listings:

New listings were also down year-over-year in July, a month that is typically among the slowest in San Francisco real estate. This could be just a rightsizing after the past two pandemic years, which saw higher than normal inventory in both July 2020 and July 2021. This July’s new listing numbers are more in line with pre-pandemic July data in San Francisco. New single family homes were down almost 45% and condo listings were down about 27%.

 

Active Listings:
Like new listings, active listings were also down in July. Active single family homes were down 40% while condo listings were down 27%.

Sold Listings:

Fewer homes sold in July 2022 than they did in the same month last year. Single family homes sales were down almost 30% while condo sales were down over 40%.

Percentage of Properties Sold Over List Price:

A smaller percentage of homes sold for over their list price in July. Whereas about 85% of single family homes were selling over their list price in 2022, in July only 78% sold over their asking price. That’s also down 7% compared to last July. Condos, of which more than half were selling over their list price this year, had just 40% sell over list price in July. That’s also down almost 20% from the same month last year.

Average Percentage of List Price Received:

Single family homes sold for an average of 111% of their list price in July, down more than 6% year-over-year. Condos sold for an average of 102% of their list price, down almost 3% compared to July of last year.

Average Days on Market:

Single family homes spent an average of 20 days on the market in July, up 20% compared to the same month last year. Condos spent an average of 47 days on the market before accepting an offer, up almost 24% year-over-year.

Months Supply of Inventory:

Single family homes had less than 2 months of inventory in July, down 32% compared to last July. Condos had a little over 3 months of inventory, down 13% 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 pulled.

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

July 2022 San Francisco Real Estate Update

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San Francisco Real Estate

June appears to be a turning point in the real estate market. Inflation grew as did increased warnings of a coming recession. The Fed increased interest rates by three quarters of a point, the largest increase in three decades. All of this put a pause on the real estate market as buyers (and sellers) waited to see what would happen and to psychologically at least adjust to the higher rates. Not helping, particularly here in San Francisco and the greater Bay Area, was a significant downturn in tech stocks. Some buyers were knocked out of the market as the higher interest rate thwarted their ability to get a loan. Others were loath to cash out their stocks needed for the down payment.

According to California Association of Realtors, the number of home sales in California dropped 21% in June, and median prices dropped 4% compared to May. San Francisco also saw a slight decline in median prices for single family homes.

It’s important to note that one month of data does not a trend make. While it’s pretty clear that the Fed will increase rates again this month to combat inflation, it’s still unclear as to whether we are in a recession or if a recession is inevitable later this year.

Read on to see the latest stats in the San Francisco real estate market.

Median Price:

For the first time in perhaps a decade, the median price for a single family home in San Francisco slipped year-over-year in June 2022. The median price was also down compared to last month. Amid the highest inflation rate (at that time), a 3/4 point interest rate increase from the Fed, and tech stocks declining, it’s not really surprising that the market hiccuped in June. There was more positive news from the condo segment of the market, where median prices grew almost 2% year-over-year, and were also up slightly compared to May.

 

New Listings:

While prices may have wavered, our continuing dearth of inventory continued in June and perhaps held the market up in spite of less demand. New single family home listings were down 37% compared to June 2021. New condo listings were down over 40%.

 

Active Listings:

Like new listings, active listings were down compared to June of last year for both single family homes and condos in San Francisco. Active listings are the number of listings still on the market for sale at the end of the month. Active single family homes were down over 35% while condos were down almost 20% year-over-year.

 

Sold Listings:

Overall sold listings were down for both single family homes and condos. The number of single family homes sold in June was down over 25% compared to June last year. The number of condos sold were down 36% year-over-year.

 

Percentage of Properties Sold Over List Price:

More than 87% of single family homes sold for over their list price in June, up almost 5% from last June. Almost 60% of condos sold over their list price, up over 7%.

 

Average Percentage of List Price Received:

The average percentage of list price single family homes received was almost 117%. But that’s up less than 1% year-over-year. Condos sold on average for 105.5% of list price, with no change when compared to last June.

 

Average Days on Market:

Single family homes spent an average of just 16 days on the market in June, down almost 6% compared to last June. Condos spent 33 days on average on the market before accepting an offer, down about 3% year-over-year.

 

Months Supply of Inventory:

In June, single family homes had just 1.8 months of inventory, down 25% compared to last June. Condos had just 3.6 months of inventory, down more than 12%. MSI refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. For a balanced market, MSI would be about 6 months.

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.

 

 

 

 

By Debra Donovan
Real Estate Agent with Park North Real Estate CA DRE# 01893222

2021 San Francisco Real Estate Market Wrap-up

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San Francisco Real Estate

For so many reasons, we could sum up 2021 as another year-long dumpster fire. But that’s not so for the San Francisco real estate market, which continued to be red hot. Single family homes were the hottest ticket in town, with buyers clamoring to overbid to get in the door. The condo market, which has struggled since the onset of the pandemic, continued to recover in 2021 and is back on the rise, particularly in the $2M+ range which saw the biggest price gains. Lower priced units, under $1.M actually decreased, which could be a combination of buyers requiring more space now that Covid has changed how many of us work and also that there are fewer properties still selling for under $1M in San Francisco. Here are a few stats from 2021.

Median Sales Price:

The median price for a single family home in San Francisco grew 12% compared to 2020, reaching another new high of $1,800,000. Condos saw an almost 3% increase compared to the previous year, rebounding to $1,225,000.

 

New Listings:

New listings were down across the board in 2021. New single family homes were down 3% year-over-year, new condo listings were down almost 2%. This led to increasing prices due to the imbalance of supply and demand.

Active Listings:

It’s no surprise that active listings, those homes available for sale at the end of a month, were also down. With fewer new listings coming on the market but equal or greater demand, competition in some cases was fierce and did not leave much on the market by month’s end. Active listings for single family homes was down 20%, while condos were down almost 12%.

Sold Listings:

Another yard stick showing how much more quickly properties were selling in 2021 vs the previous year, over 3,000 single family homes sold, up almost 24%. There were almost 4,000 condos that sold in 2021, up over 60% year-over-year.

Percentage of Properties Sold Over List Price:

Almost 79% of single family homes sold for over their list price in 2021, up over 20% compared to the previous year. Single family homes have been the hottest ticket in town, so that’s no surprise. About half of condos sold for more than list price, up 23% year-over-year. While the condo market took a hit in 2020, it has been creeping back up to a seller’s market.

Average Percentage of List Price Received:

On average, single family homes received about 115% of their list price in 2021, up almost 7% year-over-year. Condos averaged 104% of their list price, also up almost 3% compared to 2020.

Average Days on Market:

Single family homes spent an average of 22 days on the market before accepting an offer in 2021, down 8.5% compared to 2020. Condos again spent an average of 41 days on the market last year, the same as in 2020.

Months Supply of Inventory:

As we’ve seen for most of the past several years, inventory remains low particularly in the single family home market where demand has ramped up even more over the past couple of years. MSI for 2021 was 2.3 months, down 40% compared to 2020. The condo market experienced a steep rise in available inventory in 2020 but in 2021 that was reduced 40% to 4.2 months.

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.