Author: Debra Donovan

 Median prices were up year-over-year in July, showing San Francisco real estate continues to be a healthy market albeit not has “gangbusters” as we’ve seen in years past. After years of weak inventory we’re seeing an influx of new listings particularly in the condo market, with some neighborhoods seeing buyers market levels of inventory available. Currently it’s a mixed market with both prices and inventory rising, and single family homes seeing greater demand than condos. See all the stats below.

Median Sales Price:

Home sales overall rose in July compared to the same month last year. The median sales price for a single family home was $1,660,000, up 5% compared to last year but down from June’s median sales price high of over $1.8 million. Condo and loft prices also rose year-over-year in July, increasing 4% to $1,275,000. This is also up compared to June of this year.

New Listings:

The number of new listings across the spectrum increased compared to previous years. New listings for single family homes increased 30% year-over-year. New condo and loft listings rose over 57%. This might seem like an inventory bonanza, but keep in mind that we’ve had several years of inventory anemia and July is typically one of the slowest months of the year. When the SIP hit in March many sellers chose to pull their home off the market or just wait. So we’re almost seeing a late Spring selling season now but the data is comparing this month to a relatively slow month the year before. Compared to last month, single family homes had almost the exact same number of new listings. Condos and lofts saw a slight lift in new inventory compared to June.

Active Listings:

Active listings are the number of listings still available for sale at the end of the month. Active listings for single family homes grew 28% year-over-year, yet still had fewer than last month. Condos and lofts had a whopping 90% increase in July compared to the same month last year, and slightly more listings compared to last month. Again it’s difficult to compare apples-to-apples considering the unique seasonality of the market in 2020 due to the health crisis, but condo inventory has grown exponentially over the past few months. Buyers are clamoring for outdoor space and more room as more people plan to work from home long-term, and thus many buyers are eyeing the single family home market more.

Percentage of Properties Selling Over List Price:

In spite of what you may be hearing in the media and other places, many properties are still selling over their list price, though most not as stratospherically as we’re used to seeing in San Francisco. In July 64% of single family homes sold for more than their listing price, while 47% of condos and lofts did. But both are down compared to the same month last year, 22% and 33% respectively. This is likely due to the lift in inventory (buyers have more to choose from), as well as more “transparent pricing;” properties are being priced closer to their actual valaue from the get-go.

Average Percentage of List Price Received:

On average single family homes sold for 6% over their list price in July, down almost 8% compared to the same month last year. Condos and lofts sold for just over 1% over their asking price, down almost 6% year-over-year. However these statistics were on par with June of this year.

Months Supply of Inventory:

MSI jumped for both single family homes and condos and lofts. Single family homes had 3.7 months of inventory, up 48% compared to July 2019. Condos and lofts leapt to 6.6 months of inventory, a whopping 127% year-over-year increase. It’s important to note here that this does not represent all areas of the City. Neighborhoods that like South of Market and South Beach had more than 8 months of inventory, while Pacific Heights, Noe Valley and North Panhandle had around 3.5 months.

Average Days on Market:

Homes are still selling pretty quickly once in contract. Single family homes spent an average of 26 days on the market, up 13% compared to July 2019. Condos and lofts spent an average of 34 days on market, up about 10% year-over-year.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

June statistics show that after a so-so May San Francisco real estate revived a bit, particularly with single family homes which hit a new median price high. Condos and lofts prices also lifted compared to May, but are still down compared to last year. Dirt-cheap interest rates continue to drive buyer demand, and create an excellent opportunity for buyers who are ready and able to jump into the market. Interest rates have great impact on buying power, the amount of a loan buyers can qualify for.

Overall, inventory has increased with months supply of inventory reaching it’s highest levels since 2011. That said, we are still in “sellers market” territory, especially for single family homes.

Median Sales Price:

The median sales price for a single family home in San Francisco rose to over $1.8 million in June, a 3.1% increase over the same month last year. This is at least partially due to a rise in higher end home prices ($2M+), which fell in May but rebounded again in June. Meanwhile condo and loft prices decreased 8% year-over-year, though are still up compared to May. An influx of inventory (these statistics do not include new construction sales, which are typically not listed on the MLS but contribute to overall inventory) offer buyers more options. A closer look also shows that condo and loft units priced under $1.5 Million saw decreases in median price, while units more than $1.5 Million had positive median price growth. Even with very low interest rates entry level buyers may be struggling more with tightened loan requirements and/ or job security, causing them to take a pause on their home buying search.

New Listings:

New listings for single family homes remained fairly the same compared to last June and to last month, Condos and lofts saw a 40% jump in new listings compared to the same month last year.

Active Listings:

Active listings, defined as the number of listings available for sale at the end of the month, also soared an astounding 50% for condos and lofts compared to June 2019. Single family homes, on the other hand, increased by less than 10% year-over-year, though there were fewer than last month.

Percentage of Properties Selling Over List Price:

Fewer than half of single family homes sold over their list price in June, down a third compared to the same month last year and the lowest we’ve seen in years. Only 36% of condos and lofts sold for over their list price, down 45% year-over-year. I think this is in part due to an increase in inventory, especially for condos, as well as more “transparent pricing.” With no public open houses and fewer buyers, homes are being priced closer to what the seller wants or expects to get for the sale of their home.

Average Percentage of List Price Received:

Single family homes on average sold about 5.5% of their list price in June, down 8.5% compared to last June. Condos and lofts sold at just a smidge above list pice, 100.4%, on average. This is down 6.6% compared to last year.

Months Supply of Inventory:

Months supply of inventory illustrates the absorption rate of homes on the market and is used as an indicator of whether it’s a seller’s market or a buyer’s market. The lower the MSI, the further it tips to a seller’s market and vice-versa. In June single family homes had just over 3 months of inventory, up 26% compared to the previous year. Condos and lofts had just over 5 months of inventory, up a whopping 82% compared to the same month last year.

Average Days on Market:

Single family homes spent an average of 25 days on market before accepting an offer, up 13.6% compared to last June. Condos and lofts spent 32 days on average, up 14.3%.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

As we round the corner into month three of the Bay Area shelter-in-place, things seem to be slowly but surely opening up. In some ways real estate in San Francisco never fully closed, though our ways of conducting business has changed dramatically. Many sellers either pulled their properties off the market or postponed their on-market date, but not all did. And buyers were still out buying.

These are encouraging signs for Bay Area real estate because:

– This reflects the fact that this began as a health crisis, not an economic crisis.

– It reinforces that this is a short-term problem with a long-term solution once the virus is controlled.

– Motivation has not diminished.

In April home sales prices rose, with single family home prices reaching a new median high. Inventory remained anemic and well below seasonal norms. The good news is that as of this writing there is an uptick of properties on the market in May. All signs continue to point to properties selling relatively quickly and in some cases still with multiple offers.

Below are all of the statistics:

Median Sales Price:

Sales prices for both single family homes and condos/ lofts increased both year over year and month over month. The median sales price for a single family home in April hit a new high of $1,699,500, up from last month’s $1,650,00 and up 5.4% compared to the same month last year. Condo and loft sales prices bounced back to $1,300,000, up from last month as well as up 4% compared to the same month last year.

New Listings:

Many sellers are holding off putting their home on the market until the Shelter in Place is lifted. As a result an already deficient funnel of properties to buy has been exacerbated by the current pandemic slowdown. New listings in April were down by almost 60%. Single family home inventory was down more than 55% while condos and lofts were down almost 60% compared to the same month last year. They were both also down compared to March since by the time the shelter order was in place mid-month many listings were already on the market or in contract.

Active Listings:

Active listings are those listings still available for sale at the end of the month. Not surprisingly, in April both single family home and condo/ loft listings were down compared to the previous year thanks to continued buyer demand and a deficit of homes for sale. Active single family homes were down more than 18% compared to April 2019 and condo/ loft active listings were down almost 15% compared to the same month last year.

Sold Listings

Not surprisingly the number of sold listings tanked in April as well due to the anemic number of listings on the market. Single family home sales were down 55% while condo and loft sales were down almost 65%

Percentage Sold Over List Price:

While the majority of homes in San Francisco sell for over their list price, the percentage of single family homes selling above decreased 7% compared to last April. This could be due to sellers using more transparent pricing. Condos and lofts, on the other hand, saw a 5% increase compared to last year with almost 60% selling over their asking price.

Average Percentage of List Price Received:

Again we may be seeing the results of more transparent pricing when looking at how much over asking properties received. Single family homes sold on average for about 9% over their list price, down 3.2% compared to last year while condos and lofts sold for an average of 6% over asking price, about the same as last year.

Months Supply of Inventory:

MSI decreased for both single family homes and condo/ lofts compared to the same month last year. Single family homes had only 2.4 months of inventory at the end of April, down almost 8% compared to April 2019. Condos and lofts had only 2.7 months of inventory, down 3.6% compared to last year. Both were up slightly compared to March, but have continued to trend under 3 months since last October.

Average Days on Market:

The San Francisco market remains brisk with homes selling quickly. In April single family homes sold in 22 days on average, down over 15% compared to the same month last year. Condos and lofts sold in 30 days on average, down almost 17% compared to last year.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

I’m so excited for my clients to begin their new lives in Portland after the sale of their beautiful home in Oakland!

This 3-bedroom, 1-bath detatched home is truly an oasis to come home to (or to shelter in). With many upgrades the property is turnkey, and also includes a She/ He shed that can serve as extra storage space, an office or creative studio. It’s also a gardener’s dream with a mature front garden and magical back patio with mature lemon, lime and madarin trees, gorgeous plantings and incredible solar lights. It was an honor to represent this home, and even in these strange times we received multiple offers!

For additional photos and information: 121461st Ave

Take a  virtual tour here: www.OaklandOasis.com

These are extraordinary times and the rules for buying and selling real estate have literally changed. If you are thinking of buying or selling, I can help navigate you through the process to ensure your success in getting the best possible price.

As we move into month 2 of the Coronavirus shelter-in-place, real estate in San Francisco and the Bay Area continues to chug along, albeit in a much more limited way. The following statistics represent the market in March. So sales statistics are based on properties that were mostly in escrow prior or just as the shelter-in-place order was given to start on March 17th. Therefore we’re not going to see any statistics reflecting how pricing was effected by the shelter, if it was at all, until next month or the month after. However, what we can see from these numbers is how greatly inventory was effected after the March 17th order. Many sellers decided to place their home sales on hold when the order came down. Some have already returned to the market (with very limited or only virtual showings), while others are continuing to wait out the shelter-in-place. With that context in mind, below are the March 2020 San Francisco real estate market statistics.

Median Sales Price:

The median price for a single family home in March was $1,650,000. This is up compared to last month but no change compared to the same month last year. Condos and lofts had a median price of $1,270,000, up 1.6% compared to last March but lower than last month’s median sales price. Median sales prices remain steady for homes that are closing.

New Listings:

Here’s where we see the effect of the March 17 Shelter-in-Place order. New single family homes were down 57% compared to the same month last year (and almost half of the number of new listings we had in February). Condos and lofts were down 54% and down more than half of what we had in February. March is usually the start of our Spring selling season, but as the shelter order came down many sellers held off putting their home on the market or pulled their home off the market if it was already on.

Active Listings:

This is the number of properties still available for sale at the end of the month. Again, we are seeing the “Corona effect” here as many homes were quickly pulled off the market just after the order. Active listings for single family homes were down 37%, while active condo and loft listings were down almost 38%.

Sold Listings:

In March 159 single family homes were sold, down 7.6% compared to the same month last year. Condo and lofts sales were down 16.5% with 197 units selling. Both saw an increased number of sales compared to February (114 and 157 respectively). Given the time lag/ escrow period between a home going into contract and closing, sold listings were likely already in escrow when the shelter order came down. Some buyers cancelled their escrow/ sale due to the uncertainty of the markets.

Percentage of Properties Sold Over List Price:

More properties than not continue to sell over their list price. Almost 80% of single family homes sold for over list price, up 7.9% compared to the same month last year, and up compared to last month. Almost 61% of condos and lofts sold for over their list price. This is up about 9% compared to the same month last year, but down compared to last month’s 65%.

Average Percentage of List Price Received:

Single family homes received an average of almost 115% of their list price in March, up 3.7% compared to the same month last year and up from 112% in February 2020. Condos and lofts received an average of about 105%, up just 0.2% compared to last year and down from 106% in February.

Months Supply of Inventory:

Again we see the shelter-in-place effect with MSI. By the end of March single family homes had only 1.7 months of inventory, down 32% compared to the same month last year and down from 2.3 months in February of this year. Condos and lofts had only 1.8 months of inventory, down 1/3 compared to the same month last year and down from 2.6 months of inventory in February 2020.

Average Days on Market:

Single family homes spent an average of 20 days on the market, down 23% compared to the same month last year. Condos and lofts spent an average of 26 days on the market, down 19% compared to the same month last year. Homes are continuing to sell quickly. Whether this will change post-shelter remains to be seen.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

Here are the statistics for the February real estate market in San Francisco. The pre-Spring market got off to a healthy start with both single family homes and condos/ lofts seeing increases in median sales price. Homes continued to sell quickly overall, with both average days on market and months supply of inventory decreasing. More than not homes are selling for over the list price, though we aren’t seeing the massive overbids overall that we’ve seen in the past. Some homes are selling well over their asking price while others are not getting the same “bump.” It’s more property-by-property, which could in part be due to more properties coming out with “transparent pricing,” as well as buyers hitting pain points in terms of how much they want or are able to bid over the asking price.

Median Sales Price:

Prices for single family homes continued to increase with an over 7% increase to $1,610,000. Condos and loft median prices increased almost 13% to $1,288,500.

New Listings:

As we approached the Spring selling season, new listings were on the rise. Single family homes saw a 3% increase in new listings with 195 new homes come on the market. Condos and lofts saw an over 9% increase with 282 new units hitting the market.

Active Listings:

Active listings are the number of listings still available for sale at the end of the month. Active listings for single family homes were down over 10% and condos and lofts were down almost 10%. This shows properties are still selling quickly.

Average Percentage of List Price Received:

Over 72% of single family homes sold for over their list price, selling on average at 112% of their asking price. This was down just 0.5% compared to February of last year. Almost 65% of condos and lofts sold over their list price, averaging 105.5%, up 1.2% compared to the same month last year. Prices seem to be stabilizing as more proprerties are sold at “transparent pricing.”

Months Supply of Inventory:

It continues to be a seller’s market with scant inventory selling quickly. Single family homes had only 2.3 months of inventory in February, down 8% compared to the same month last year. Condos and lofts did not fare much better, with only 2.6 months of inventory, down 7% compared to last February.

Days on Market:

On average, single family homes spent just 24 days on the market before accepting an offer, down over 17% compared to the same month last year. Condos and lofts spent an average of only 27 days on the market, down 29% compared to February 2019.

Average Price per Square Foot:

Single family homes sold for an average of $1,023 per square foot in February, up 3.5% compared to the same month last year. Condos and lofts sold for $1,147/ sqare foot on average, up 2.1% compared to last February.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

Happy Lunar New Year! It may be the Year of the Rat this year, but so far it doesn’t look like it’s the year of more housing inventory for San Francisco. In January the median price for single family homes and condos and lofts increased, but both new and active listings were down double-digits.

It’s important to contextualize, though, that in real estate the statistics are typically 30-60 days behind. Home sales that closed in January are primarily homes that were put on the market over the holiday season. Also, Spring is typically our biggest season when the most homes come on the market. That said, buyers are out there buying and homes are on average still selling quickly, many over their asking price. So if you’re thinking of selling this year, consider coming on prior to Spring and get a jump on the competition. Here are the stats for January.

Median Sales Price:

The median price for a single family home rose 5% in January compared to the same month last year, coming in at $1,460,000. Condos and lofts fared even better year over year, rising 19.5% to $1,174,000.

New Listings:

New listings for single family homes were down 34% compared to January 2019. Condos fared about the same, down almost 36% year-over-year.

Active Listings:

Active listings are the number of listings still available at the end of the month. Like new listings, active listings for both single family homes and condos and lofts were down double-digits compared to last year. Single family homes were down over 35% while condos and lofts were down almost 26%.

Percentage of Properties Sold Over List Price:

Sixty two percent of single family homes sold for over their list price in January, up 4% compared to the same month last year. Only about a third of condos and lofts sold over list price, down 18% compared to last January. New construction of condos in the past couple of years, the sales of which are usually not reported to MLS or included in these statistics, has given buyers more options to buy.

Average Percentage of Price Received:

Single family homes sold for an average of 7% over asking price in January, up just 1% compared to last January. Condos and lofts sold on average at list price, 100.2%, down just 1% from last year.

Month’s Supply of Inventory:

Single family homes for sale remain in scarce supply in San Francisco. In January there was only 1.6 months of inventory, down one-third compared to the same month last year. Condos and lofts had slightly more, 2.1 months, down 22% compared to January 2019.

Average Days on Market:

Days on market refers to the number of days a property is on the market until an offer is accepted. Single family homes spent an average of 37 days on the market in January, down 5% compared to last year. Condos and lofts spent 59 days on market on average, up 11%.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

In 2019 the median price for a San Francisco home grew by 2.1%, the smallest growth we’ve seen in years. Single family home prices grew by just 1.3%. Condo and loft prices grew by 3.9%. (If you want to see all of my market statistics for 2019 you can find them here). But not all areas grew or contracted equally. Below are the 2019 statistics for median sales price for homes broken out by district. San Francisco is broken into 10 districts, with multiple sub-districts and neighborhoods comprising each larger district. You can see a map of San Francisco’s districts here.

 If you are interested in learning more information about any district, subdistrict or neighborhood please reach out to me.

District 1: Northwest. Includes the Richmond (Inner, Central, and Outer), Jordan Park/ Laurel Heights, Lake Street, Seacliff, and Lone Mountain.

Single family homes in District 1 grew 5% in 2019 to a median price of $2,100,000. The median sales price for a condo or loft was $1,352,500, a 2.1% increase.

 District 2: Central West. Includes Golden Gate Heights, Parkside (Inner, Outer), Sunset (Inner, Outer, Central).

The median sales price in District 2 was $1,500,000, a 3.4% increase from 2018, while condo and loft prices decreased 3.3% to $1,232,500.

District 3: Southwest. Includes Lake Shore, Merced Heights, Pine Lake Park, Stonestown, Lakeside, Merced Manor, Ingleside Heights, Ingleside, and Oceanview.

Single family homes had a median sales price of $1,211,944 in 2019, a 3% decrease from 2018. Condos and lofts, on the other hand, saw a 12.5% year-over-year increase to $928,000.

 District 4: Twin Peaks West. Includes Balboa Terrace, Diamond Heights, Forest Hill, Forest Knolls, Ingleside Terrace, Midtown Terrace, St. Francis Wood, Miraloma Park, Forest Hill Extension, Sherwood Forest, Monterey Heights, Mount Davidson Manor, Westwood Highlands, Westwood Park, Sunnyside, and West Portal.

The median sales price for a single family home in District 4 was $1,700,000, a 1.3% decrease compared to 2018. Condos and lofts prices saw a 5.8% decrease to a median price of $824,000.

District 5: Upper Market. Glen park, Haight Ashbury, Noe Valley, Twin Peaks, Cole Valley/ Parnassus Heights, Corona Heights, Clarendon Heights, Duboce Triangle, Eureka Valley/ Dolores Heights/ Castro, Mission Dolores.

Single family home prices in District 5 grew 8.5% in 2019 to $2,500,000. Condos and lofts experienced a 4.1% increase to $1,500,000.

 District 6: Central North. Includes Anza Valley, Hayes Valley, Lower Pacific Heights, Western Addition, Alamo Square, North Panhandle.

The median price for single family homes in District 6 reached $2,900,000 in 2019, an 8.6% increase compared to 2018. Condos and lofts remained steady year over year with a median sales price of $1,250,000.

 District 7: North. Includes the Marina, Pacific Heights, Presidio Height, Cow Hollow.

The median sales price for a single family home remained lofty in District 7, increasing 5.5% compared to last year to $4,950,000 in 2019. Condo and loft prices rose 6.4% to $1,575,000.

District 8: Northwest. Includes Downtown, Financial District/ Barbary Coast, Nob Hill, North Beach, Russian Hill, Van Ness/ Civic Center, Telegraph Hill, North Waterfront, Tenderloin.

Single family home prices in District 8 decreased 12.7% to $3,112,500. Condo and loft prices also decreased 4.1% compared to last year, ending at $1,006,500 in 2019.

District 9: Central East. Includes Bernal Heights, Inner Mission, Mission Bay, Potrero Hill, South of Market, Yerba Buena, South Beach, Central Waterfront/ Dogpatch.

The median price for a single family homes in District 9 inched up just a smidge, 0.1%, to $1,616,000. Condo and loft prices increased 2.3% to $1,177,000.

District 10: Southeast. Includes Bayview, Crocker Amazon, Excelsior, Outer Mission, Visitation Valley, Portola, Silver Terrace, Mission Terrace, Hunters Point, Bayview Heights, Candlestick Point, Little Hollywood.

Single family homes in District 10 increased 3.9% in median sales price in 2019 to $1,090,500. Condo and loft prices, on the other hand, decreased 1.1% to $771,500.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

Happy New Year!!

As we dive full-force into 2020 here’s a quick look back at how the San Francisco real estate market fared in 2019. Prices grew, though not as dramatically as in previous years. Inventory continued to be an impediment with fewer new listings than the previous year. That, combined with buyer demand, contributed to homes still selling quickly with many selling for over their listing price.

The past several years has seen a crazy real estate market with eye-popping price increases, but it is possible that trajectory is now slowing. Still, expect next year to be another healthy year for San Francisco real estate as buyer demand remains high and interest rates remain low and perhaps, go even lower.

BONUS: If you really want an illustration of the long-term health and vitality of the San Francisco market, be sure to check out the bonus slide at the bottom!

Median Sales Price:

While median prices for homes did go up in 2019, it was not as dramatic as in years past. Single family homes ended the year with a median sales price of $1,600,000, a 1.3% increase over 2018. Condos and lofts fared a bit better, increasing 3.9% to $1,246,750. This typically does not include sales in new construction that are usually not listed in the MLS.

New Listings:

Inventory continued to be an issue in 2019. New listings for single family homes were down more than 10% compared to the previous year. Condos and lofts were down almost 8%.

Percentage of Properties that Sold Over List Price:

More homes sold over their list price in 2019 than didn’t. Still, the percentage overall continued to decrease as the year passed. This could be partly due to more “transparent pricing” from the get-go, but I also think it’s because buyers have felt less willing to overbid as significantly as they have in years past.

Average Percentage of List Price Received:

On average, single family homes sold for an average of about 113% over their listing price, down almost 3% compared to the previous 12 months. Condos and lofts sold for just under 106% of list price, effectively remaining steady compared to the previous year.

 Average Price per Square Foot:

Like median price, the average price per square foot of homes inched up in 2019. The average price per square foot in San Francisco was $1,104, up just a bit over 2% compared to 2018. Condos and lofts sold for an average of $1,421 a square foot, up 2.1%. Price per square foot can vary greatly by neighborhood. These stats are a City-wide average.

Months Supply of Inventory:

MSI for single family homes was around 2.4 months, a 4.3% increase from 2018. Condos and lofts had almost 3 months of inventory, up almost 8% compared to 2018. It’s still very much a seller’s market.

Days on Market:

2019 ended with single family homes spending 25 days on the market, up almost 9% compared to 2018. Condos and lofts spent an average of 33 days on the market, up 6.5% compared to the previous year.

And a Bonus Slide to Blow Your Mind:

Since it’s now the beginning of a new decade (yes, I know, technically…) there’s been a lot of talk about looking back over the previous 10 years. So I thought it would be interesting to look back 10 years to see what homes in San Francisco were selling for a decade ago. In 2009 the median price for a single family home was a mere $745,000 while you could get a condo or loft for just $670,000! Granted, 2009 was the throes of the Great Recession, but these prices also seemed insane at the time. If you had bought a home back then and held onto it, you’d have an incredible amount of equity by now. Which goes to show, if you’re ready to buy but taking a wait-and-see approach to try to “time” the market, the time is NOW.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.

There’s been a lot of chatter about the softening of the San Francisco real estate market, particularly in the past couple of months. The good news, though, is that buyers are still buying and sellers are still selling. Interest rates remain incredibly low and people still want to own a piece of this beautiful city.

The San Francisco market continues to see sales price growth, though perhaps more modest than what we’ve seen in recent years even including the solid growth of the market this past Spring. It’s important to note, though, that real estate is both cyclical and seasonal. A cycle usually lasts anywhere from 8-10 years. The high selling seasons are typically Spring and Fall. The statistics change month-to-month and it’s only by looking at longer-term data that any definitive trend will appear. And, like most things, such trends are often only seen in hindsight.

Here are the monthly statistics for September and the 3rd Quarter. Keep in mind that September data reflects homes that were on the market in August, which is typically a slower real estate month. We won’t know the results of this Fall season for another couple of months.

Median Sales Price:

In September median sales prices continued to rise for both single family homes and condos. Condos and lofts reached a new high median price of $1,325,000. Single family homes grew more modestly, about 2.7%, compared to the same month a year ago.

The 3rd Quarter also showed gains for median sales price compared to the previous year, with single family home prices up around 2% and condos and lofts up over 7%.

New Listings:

While September showed its usual post-Labor Day influx of inventory onto the market, new listings were still down overall compared to the same month last year. Single family homes showed the lesser of the new inventory (-25%). While new condos and lofts listings were also down compared to the previous year the delta was not as large (-4.4%).

The 3rd quarter also showed fewer new listings compared to Q3 2018. New single family home listings were down 21%. New condo and loft listings were down 1.1% for the quarter. It’s also important to note that condo sales largely don’t include new construction units as they’re typically not posted on the MLS.

Active Listings:

Active listings are the number of properties still available for sale at the end of a given month. For the quarter it’s the average of the 3 months. In September active listings were down for single familty homes by about 20% compared to the same month a year ago. Condo and loft active listings were down almost 4%.This would seem to indicate that homes are still selling relatively quickly.

Active listings for the quarter for single family homes were also down almost 12% for the quarter compared to Q3 2018. Condos and lofts on the other hand were up just slightly 0.2%, so pretty much the same as Q3 last year.

Percentage of Properties Sold Over List Price:

Almost 75% of single family homes sold for over their list price in September, down almost 8% compared to the previous year. 59% of condos and lofts were purchased over their asking price, down over 8% compared to the same month last year. It appears buyers are pushing back a bit of late, unwilling to overbid like crazy for homes.

On average, sellers of condos and lofts did slightly better in Q3 than last year, with 63% selling over list price, an uptick of 3% compared to the previous September. Single family home sellers did well with over 80% selling over the asking price, but this was down a smidge from the previous quarter.

 Average Percentage of List Price Received:

Single family homes sold for an average of 113% of their asking price in September. This is down about 2% compared to the same month last year. Condos and lofts sold for 105% of list price on average, about 1.5% down compared to September 2018. Buyers are still willing, and in fact expecting, to have to offer above the asking price for many (though certainly not all) properties. Whether the amout they are willing to spend over the list price continues to dwindle remains to be seen.

The average percentage of list price received was also down just slightly from Q3 2018 for single family homes (-0.9%) and condos and lofts (0.2%)

Months Supply of Inventory:

The influx of new inventory onto the market brought MSI, the absorption rate of properties, to the highest it’s been all year. Single family homes ended the month with 2.6 months of inventory, though it was still down almost 20% compared to last year. Condos and lofts hit over 3 months of inventory, up about 3% compared to September 2018.

MSI for single family homes was also down for the quarter, though not as dramatically, coming in at 2.5 months. Condos and lofts were up to 2.9 months of inventory, up 7.4%. Again, this does not include most new construction sales, so the actual amount of inventory for condos is unknown.

Average Days on Market:

The number of days on market increased for both single family homes and condos/ lofts for September, as well as for Q3. Compared to the same month last year, single family homes were on the market an average of 25 days in September, up over 13%, and for an average of 28 days over the quarter, which was up almost 17%. Condos and lofts on average spent 32 days on the market for the month and the quarter before accepting an offer, up 3.2% and 18.5% respectively.

The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.