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Real Estate Agent with Park North Real Estate CA DRE# 01893222

San Francisco Real Estate Market First Half 2025

August 13, 2025

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.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

Q1 2025 San Francisco Real Estate Market Update

May 2, 2025

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.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

Quick update on the San Francisco Real Estate Market

February 22, 2025

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%.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

The 2023 San Francisco Real Estate Market Wrap-up

January 22, 2024

I’ve been trying to come up with a word that best describes the San Francisco and Bay Area real estate market in 2023, but even with a degree in literature the best I can come up with is: weird. It has been one of the strangest markets in many, many years, mostly due to either very high or very low interest rates. While the year started off fairly strong and typical, a series of interest rate hikes resulted in buyers either pausing their search or being knocked out of the market completely. By July, interest rates were over 7% and by October they were over 8%, the highest they’ve been in over 22 years. Rates then started lowering toward the end of the year but were mostly still over 7%.

Meanwhile, sellers who didn’t have to sell sat tight. With near-record low interest rate loans, owners made do with their current circumstances especially if they needed a replacement home. To swap that low interest rate for a new loan at a higher rate didn’t make sense financially or emotionally. As a result, inventory dropped to even lower than usual levels.

San Francisco wasn’t unique in this odd market. According to the National Association of Realtors, the number of homes that sold in the U.S. in 2023 was the lowest in 30 years. Sales overall were down here in San Francisco as well. The condo market, which plummeted soon after the beginning of the pandemic, continued to be a challenge. And yet as always here in our strange and wonderful city, there are still many stories of properties selling well over asking price and sometimes with a dozen or more offers.

This new year comes with more bulllish predictions. As inflation has eased, fears of a deep recession are also easing. Economists are now more confident that a “soft landing” is possible for the U.S.. Many are also predicting interest rates to decline especially in the second half of the year. (see my 2024 Predictions blog here). One potential snag in this theory is that it’s also a national election year and it’s predicted to be a volatile one, which can lead to uncertainty.

And now on to the 2023 wrap-up.These stats are for San Francisco, but if you are interested in a different local area or neighborhood, just reach out and I can also provide them to you.

Median Price:

Overall, median prices in San Francisco decreased in 2023. The median price dropped to $1,550,000 for a single family home, down 13% while condo prices dropped 6% to $1,125,000 on a year over year basis. But as always, these decreases were not across the board. In the single family home market the higher end of the market market ($2.5 Million or more grew slightly. In the condo market the mid-range ($1M – 1.5M) grew slightly as did the higher end, which grew 8%.

New Listings:

While median prices for properties dropped in 2023, so too did the number of listings. New single family home listings were down almost 20%, while condo listings were down by more than 30%.

Sold Listings:

As mentioned above, sold homes nationwide were at their lowest levels in 30 years. Here in San Francisco, single family home sales decreased 22% year over year, while condo sales decreased by one-third.

Percentage of Properties Selling Over List Price:

In spite of all of the doom and gloom that you hear about in the media, homes in San Francisco were still getting multiple offers and selling over list price, just not as pervasively as in years past. Sixty-three percent of single family homes sold over their list price, down 18%. About a third of condos sold for over their list price year over year, also down about a third compared to 2022.

Average Percentage of List Price Received:

Single family homes sold an average of 107% of their list price in 2023, down 6.5% year over year. Condos sold at an average of 99.8%, down 4%.

Months Supply of Inventory:

As fewer homes sold, the number of months’ supply of inventory rose compared to the previous year. Single family homes had 2 months of inventory at the end of 2023, up about a third. Condos had almost 4 months of inventory, up over 25%. It”s important to note, though, that months supply of inventory under 4-5 months is still considered a Seller’s market.

Average Days on Market:

Properties took a bit longer to sell in 2023 compared to 2022. On average, single family homes spent 31 days on the market before accepting an offer, up almost 30% year over year. Condos spent an average of 58 days on the market before going into contract, up 35% compared to 2022.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

Predictions: The 2024 Real Estate Market

December 28, 2023

Tis the season for prognostication, and the real estate market is no different. In fact, it’s a market that lots of people like to chime in on, whether they’re in the business or not. Experts, pundits and armchair quarterbacks everywhere reach for their crystal balls to try to portend what the coming year has in store for the market. I’ve been attending webinars and reading a lot about what our industry experts are saying about the coming year. If you do a general search you’ll be overwhelmed with crazy headlines (the sky is falling!), but there are some trends that industry experts are predicting for 2024.

But first, a quick wrap-up on 2023. According to Dr. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), the real estate market nationally saw the lowest sales activity since 1993. Rising interest rates kept new buyers from entering the market, while existing homeowners resisted selling due to having locked in historically low interest rates. Ironically, this lack of inventory helped keep home prices aloft, particularly in the starter home market. Meanwhile, here in San Francisco the median price for a single family home was up 2.3% to $1,535,000 and Condos/ TICs/ Coop properties remained flat at $1,125,000 in November, the latest statistics available. New single family home listings were down almost 36%, but increased 13% for new Condos/ TICs/ Coops listings.

We will have December, as well as full year 2023 stats in mid-January so I’ll be sure to send those out as well.

And now for the 2024 trends forecast::

1. Interest Rates will Fall in 2024:

Dr. Yun predicts interest rates will decrease 3-4 times in 2024, a stance that The Fed seemed to echo in their last meeting. The cuts may not start until Q2 or Q3, but lower rates will rev up buyer demand again, particularly if rates go under 6%. Dr. Yun predicts that they could go as low as 6.5% by Spring and others are predicting they could be below 6% by the end of 2024.

2. The Number of Sellers will Increase in 2024:

As mentioned above, 2023 saw the lowest rate of number of sales in 2 decades. This was due to stabilizing (or decreasing) prices along with many sellers having locked in 30-year fixed rate mortgages at record low interest rates. In other words, seller have been married to the rate, not the house. But life happens. Should interest rates decrease and prices stabilize or grow, expect sellers to pull the trigger in 2024. Consider the many reasons people purchase and sell homes: a job change, retirement, death, birth, marriage or divorce. All of these life changes are still happening and at a certain point, it won’t make sense to hang on as owners have been. Especially if they are also looking for a replacement home and interest rates go down in a meaningful way. People who weren’t willing to move when rates were at 8% will feel more induced to do so at 6%.

3. Sales Overall will Increase with the Largest Group of Buyers Entering the Market:

Today, the average youth leaves home at the age of 26, and on average purchases their first home at 35 years old. These Millenials are about to turn out in the largest group of buyers in the U.S. ever. In 2024 it’s estimated that there will be 45 million such potential buyers entering the real estate market. This bodes well for sellers for the coming year as so many buyers competing for few listings will certainly raise prices.

Don’t expect all of this to happen on January 1. As Fannie Mae’s research arm stated, expect “meaningful but slow” recovery. Still, most experts are predicting at least a bit of recovery after a rather turbulent 2023.

Sources: For this data I referred to several sources, including the National Association of Realtors, California Association of Realtors, Fannie Mae’s Economic and Research Group, and the Brian Buffini Bold Predictions for 2024 webinar.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

San Francisco Real Estate Market First Half 2023

August 4, 2023

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%.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

Q1 2023 San Francisco Real Estate Market

April 27, 2023

The first quarter of the year was a rocky one for the San Francisco real estate market. The confluence of rising interest rates, inflation, tech layoffs, and a deluge of rain all contributed to a slower than normal January and February, with buyers waiting to see what would happen and sellers postponing their home sales due to weather. Although the weather dried and buyers were back out in force in March, overall it was a lackluster quarter.

Median Sales Price:
The median price for single family homes dropped almost 18% in Q1 2023 when compared to the same quarter 2022. Condo prices were off over 7% compared to last year.

New Listings:

New listings were down significantly for both single family homes and condos. Single family home listings were down almost 32% while new condo listings were down almost 50%. Many who have bought or refinanced for incredibly low interest rates are not as motivated to sell if they don’t have to, leaving a dearth of new properties.

Sold Listings:

The number of listings that sold also decreased in Q1 2023 vs. Q1 2022. Partly this is due to fewer homes on the market, but it’s also because January and February were rainy and slow so homes stayed on the market longer.

Percentage of Properties Sold Over List Price:

During slow Q1 fewer buyers meant fewer competitive offers and thus, fewer properties selling over their list price. Almost 55% of single family homes sold for over their asking price, down over 35% compared to the same quarter last year. About 32% of condos sold for more than their list price, down 41% compared to Q1 2022.

Average Percentage of List Price Received:

Single family homes sold for an average of 105.4% of list price, down 12.6% compared to over 120% in Q1 2022. Condos sold for an average of 99.6%, or just under list price, in the first quarter. This was down over 5% compared to the same quarter last year.

Months Supply of Inventory:

Month’s supply of inventory, or MSI, measures how quickly homes are selling through in the current market. An MSI of 5 months or less is usually considered a seller’s market, and 6+ months of inventory indicates a buyer’s market. In Q1 2023 single family homes had an MSI or about 1.5 months, still a seller’s market and yet up 25% compared to the same quarter last year. Condos had 2.7 months of inventory, up 8% compared to last year but still in seller’s market territory.

Average Days on Market:

Single family homes spent an average of 37 days on the market before accepting an offer last quarter, up over 54% compared to the same quarter last year. Condos spent an average of 63 days on the market, also up about 54% compared to Q1 2022.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

October 2022 San Francisco Real Estate Market

November 28, 2022

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%.

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.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

Q3 2022 San Francisco Real Estate Market

October 17, 2022

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.

Debra Donovan

Real Estate Agent with Park North Real Estate CA DRE# 01893222

September 2022 San Francisco Real Estate Market Update

September 23, 2022

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.