Real Estate Market Update for October 2019
What’s New in San Francisco Real Estate
Analytics and charts from Compass
San Francisco Median Sale Prices Post Modest Increases in Q3
San Francisco is known for bucking the trends in all things.
So, it’s no surprise that, while most Bay Area counties recently saw a drop in home prices, according to SocketSite.com, San Francisco did not. The median sales price paid for homes sold in San Francisco in August was $1,350,000, 2.9 percent above last year’s August median sales price. Looking back over the Q3 statistics in the past 4 years, the San Francisco market has remained quite strong. The median sales price for both homes and condos showed a modest increase, year-over-year.
Median house sales prices hit a new high in spring, though the year-over-year increase was relatively modest.
Median condo sales prices have hit new highs, but this is complicated by the thousands of new condos that have come on market, many of which have been at higher price points.
Looking forward, October is typically both a big month for closed sales, reflecting the surge after September’s spike in new listings. Typically in December, many sellers pull their unsold listings off the market altogether to wait for the market to warm up again in January-March. Naturally, in a competitive market like San Francisco, sales occur every month of the year; sometimes, slower periods can be advantageous to buyers since competition for listings decreases.
Mortgage Rates Decline Further
Mortgage rates continue to decline, as well. The chart below shows trends in mortgage interest rates since January 2016. This month, the weekly average 30-year interest rate was 3.65%, which is down from 4.94% from November of last year.
Source: Compass Bay Area Market Reports
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.
