What’s New in San Francisco Real Estate
Analytics and charts from Compass
The spring market has been brisk in San Francisco. With low inventory and high buyer demand, the median house sales price soared to a new high.
The market for condos is heating up, as well, with 2 bedroom condos in high demand. With prices dropping after the pandemic hit, buyer interest is surging and both sales volume and prices are now increasing. Recently, I’ve seen condos in desirable neighborhoods selling for extraordinarily high prices.
With the increase in demand, we are also started to see a movement back to pre-pandemic levels of over-bidding. Houses in particular saw 77% of sales closing over list price with an average sales price of 14% over list price.
After dropping significantly when the pandemic hit, sales of condos, co-ops and TICs are soaring dramatically in 2021, with the highest monthly numbers in the last 16 years. While house sales rebounded, the lack of listings has kept the total sales lower than the condo market surge.
While inventory appears to be higher than in previous spring markets, this is due to the huge increase in condo, co-op and TIC listings, which make up 71% of active and coming soon listings, while houses account for only 29%.
Days on market and months supply of inventory are also declining as demand increases and inventory for houses remains limited.
Mortgage rates increased slightly over the past few months, but are still hovering at near historic lows.
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.
