What’s New in San Francisco Real Estate
Analytics and charts from Compass
Summer Slowdown
The market saw a typical summer slowdown in July and August, reflecting a return to a more normal seasonal pattern of real estate activity. After a peak in June, home sales and new listings dipped to lower levels in the past two months.
Home Sales Increased at All Price Segments
Over the past 12 months, home sales in all price segments saw significant increases ranging from 85% on the lowest end to a whopping 172% in the $5m+ price segment. The 85% increase in homes selling for less than $1m is due to the rebound in condo sales after the initial drop after the pandemic started.
Price Changes Since the Pandemic
While apartment rents are still down 17% from 2019, and 2 bedroom condo sales remained flat compared to 2019, the median 3-bedroom house sale price is up 13% from 2019. Typically housing costs are more aligned, but the pandemic and changing buyer priorities upended the usual supply and demand dynamics. While we saw a huge divergence last year, in 2021 prices for all three housing types are rebounding in parallel trend lines, as illustrated in the chart below.
Market Dynamics for House and Condo Sales
Median house sales prices peaked in July 2021, reflecting the height of activity and offers accepted in June, the last month of the typically robust spring market. Condo sales prices peaked in July and August of 2021.
Active Listings on Market
Following the explosion of activity in 2020, active listings in 2021 so far are trending slightly higher than previous years, but much lower than in 2020.
Price Reductions on Active Listings
House Values in Selected Districts and Neighborhoods
Six Months Home Sales Breakdown by Type and Bedroom Count
Six Months House and Condo Sales by Segment
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.
