Real Estate Market Update for May 2022
What’s New in San Francisco Real Estate
Analytics and charts from Compass
In April, the San Francisco market continued to see high demand. Figures here represent offers accepted 3-6 weeks earlier, so the April figures represent transactions that closed before the most recent increase in mortgage rates. In recent years, rate declines helped to subsidize the surge in home prices and in demand; as rates increase, we may see a change in buyer behavior in the coming months.
Listings Accepting Offers
April saw an atypical drop from March in listings going into contract. This was largely concentrated in the condo market.
Home Sales Volume by Month
April sales this year were down from 2021, but well above sales in 2019, prior to the pandemic.
Market Supply vs. Demand
From 2018 to present, Months Supply of Inventory reached a low in December of 2021 and has remained relatively low through March.
Active and Coming Soon Listings
As of May 1, active/coming soon listings on the market equaled a 9-week supply of inventory. Of these listings, 78% were condos, co-ops or TICs, and 22% were houses.
Home Price Appreciation
In April, the 3-month rolling median house sales price was up 15% from last year, and up 25% from April 2020.
Condo Sales Price Trends
Condo markets are not seeing the higher appreciation rates that houses have experienced. In April, the 3-month rolling median condo sales price was up 7.5% from last year, and up 3% from April 2020.
Sales Price to List Price
Reflecting sales in March, April’s average sales to list price reached a new high from 2018 to present.
Average Days on Market
While houses are generally selling faster than condos, both are still trending low in average days on market.
Mortgage Interest Rates
From the historic low in January 2021 of 2.65%, average annual interest rates for 30-year conforming fixed-rate loans hit 5.27% on May 5.
The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information.
