Real Estate Market Update for May 2025
What’s New in San Francisco Real Estate
Analytics and charts from Compass
The city’s absorption rate, a measure of buyer demand, remains on the higher end for the greater Bay Area. Year over year, the supply of homes for sale rose about 9%. The number of listings going into contract in April ticked up slightly, though the number of closed sales fell. The quantity of price reductions, which soared in most Bay Area counties, remained flat from last year. The 3-month-rolling median house sales price in San Francisco was unchanged from April 2024, while the median condo sales price declined.
The homes seeing the highest demand, and most likely to sell quickly with multiple offers, are houses in move-in condition, often professionally staged, aggressively priced, and in prime locations. I’m still seeing multiple offers and homes selling over list price in some neighborhoods.
As of early May, the Fed kept its benchmark rate unchanged, mortgage rates continued to hover near 7%, but stock markets substantially recovered from early-April plunges. The market data in this report reflect transactions that went into contract before the severe financial market conditions which began earlier in the month. May sales data may better reflect April market conditions.
Home Sales Volume
Sales volume in April 2025 increased slightly from March, but declined 6% year over year. House sales accounted for 50.5% of April sales, and condos made up 49.5% of sales.
New Listings
The number of new listings coming on the market in April 2025 ticked up from March but remained basically unchanged from April 2024.
Active and Coming Soon Listings
The number of active and coming soon listings on the first day of May 2025 was up 9% compared to May 2024. 29% of these listings were houses and the remaining were condos, co-ops and TICs.
Listings Accepting Offers
The number of listings going into contract in April 2025 increased slightly from March and was up 3% year over year.
Average Days on Market
In April, the average days on market for houses was 24 days, and for condos, the average was 50 days.
Absorption Rate - Listings Accepting Offers
The absorption rate in April 2025 increased from March. For houses alone, the rate was 36% and for condos, 20%.
Sales Over List Price
For houses, the average sales price was 14% above list price; for condos, it was .5% above list price.
Overbidding List Prices
The overall overbidding percentage in April 2025 was for 57% of sales, but for houses alone it was 78%. For condos, it was 35%.
Price Reductions on Active Listings
The number of price reductions in April 2025 was unchanged year over over.
House Price Trends
In April, the median house sales price rose, but remained unchanged year over year.
Median House Prices by Selected Neighborhoods
Condo Price Appreciation
In April the median condo sales price increased from March but was down about 4% year over year.
Median Condo Prices by Selected Neighborhoods
Mortgage Rates
Per Freddie Mac, as of May 8, 2025, mortgage rates remained flat from the week prior, with 30-year fixed- rate mortgages at 6.76%. At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher. In spite of broader market volatility, mortgage rates have remained relatively stable for weeks.
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.
