San Francisco Market Update: Second Quarter 2017

In the second quarter of 2017, low inventory coupled with steady demand kept San Franisco in a strong, yet moderating housing market. According to the San Francisco Multiple Listing Service, the median sales price for a single-family home rose 7% in the city, year-over-year, from $1,350,000 in Q2 2016 to $1,450,000 in Q2 2017. In Q2 2017, 625 single-family homes were sold, a 4% decrease compared to the 654 single-family homes sold in Q2 2016. Strong buyer demand lead to a 215 higher final sales price vs. original list price ratio for single-family homes. Unlike single-family homes, the total number of condo/co-ops/TIC units sold in the second quarter increased 5% from 748 in Q2 2016 to 785 in Q2 2017-- the first increase recorded for condo/co-op/TIC sales in Q2 since 2013. The median sales price for condo/co-ops/TIC across all of San Francisco increased to $1,150,000, a modest 2% year-over-year increase from Q2 2016.

While most of San Francisco saw moderate gains, some Districts in the City experienced above-average gains in median sales price. In District 5, the median sales price for single-family homes climbed 23% year-over-year, increasing from $1,950,000 in Q2 2016 to $2,400,000 in Q2 2017. That median sales price continued to grow as the total number of single-family sold remained relatively flat from 91 units in Q2 2016 to 88 units in Q2 2017. Notably, the median sales price for a condo/co-op/TIC in District 1 rose 25% in Q2 year-over-year. The total number of condo/co-ops/TIC's sold in District 1 fell 35%, down from 40 units in Q2 2016 to 26 units in Q2 2017. 

View The Full Report

Posted on September 1, 2017 .

San Francisco Market Update: First Quarter 2017

In the first quarter of 2017, the demand for single-family homes in San Francisco continued to grow as did the average sales price, total number of sales and, therefore, total sales volume when compared to the first quarter of 2016. According to the San Francisco Multiple Listing Service, the average sales price for a single-family home climbed five percent in the City, from $1.7 million in Q1 2016, to $1.8 million in Q1 2017. Average sales prices varied District by District, but some rebounded significantly. After seeing prices in District 7 fall from $5.4 million in Q1 2015 to $5 million in Q1 2016, the average sales price jumped 21 percent to $6 million in Q1 2017. The total number of sales of single-family homes across the City also grew three percent in Q1 2017, up from 363 units in Q1 2016 to 374 units in Q1 2017. With growing in both the average sales price and the number of sales, the total sales volume increased eight percent, from $610 million in Q1 2016 to $660 million in Q1 2017.

The number of condominiums sold in Q1 2017 was almost flat when compared to Q1 2016. In Q1 2017, 560 condos were sold, a slight one percent decreased compared to the 567 condos sold in Q1 2016. While total sales remained steady, the average sales price for a condominium continued to grow, increasing six percent year over year. However, when viewed Distric by District, the average sales price for a condominium varied. In District 7, the average sales prices decreased 12 percent year over year, but in District 8, the average went up 14 percent. 

View the Full Report

Posted on May 2, 2017 .

San Francisco Market Update: Fourth Quarter 2016

According to the San Francisco Multiple Listing Service, buyer activity increased single-family home prices despite fewer sales in fourth quarter 2016. Compared to the fourth quarter of 2015, listings of single-family home and condominiums in San Francisco took more time to sell. The average number of days a single-family home and a condominium stayed on the market throughout the City rose 18% from Q4 2015 to Q4 2016. Total closed sales decreased modestly throughout San Francisco, with the number of single-family homes sold falling 5%, from 638 units in Q4 2015 to 606 units in Q4 2016. The total number of condominiums sold also fell from 756 units in Q4 2015 to 710 units in Q4 2016, a 6% drop in year over year. While listings were on the market longer, the average sale price for a single-family home across San Francisco grew 15%, from $1.6M in Q4 2015 to $1.8M in Q4 2016. The average sale price for a condominium in San Francisco stayed relatively flat at $1.2M in Q4 2016, a small 1% decrease from Q4 2015. Overall, even though some areas of the City saw a moderate decline in inventory, determined buyers - especially in the under $2 million market- helped keep the market strong in Q4 2016. As we move into 2017, we'll be keeping an eye on this evolving market.

View The Full Report

Posted on March 31, 2017 .

San Francisco Market Update: Third Quarter 2016

In the last several years, the average sales price for single family homes and condominiums has soared. In the third quarter of 2016 those average sales prices continued to grow, but at a more modest pace. According to the San Francisco Multiple Listing Service, the average price for a single family home across San Francisco increased to $1,602,279 in Q3 2016, a 4.4% growth compared to Q3 2015. Condominiums in the City also saw a 2.3% increase in the average sales price from $1,183,173 in Q3 2015 to $1,210,970 in Q3 2016.

Since 2014, buyers in San Francisco have been quick to close transactions, as the average number of days a single family home stayed on the market remained below a month. Buyers slowed down slightly in Q3 2016, with the average number of days on the market increasing to 34 days- still a remarkably low number. Condominiums also remained on the market longer, increasing from an average of 30 days in Q3 2015 to 42 days in Q3 2016.

Total sales of single family homes were down 8.7% throughout the City, but total sales varied in several Districts. For example, while some Districts saw the number of single family homes sold decrease, sales of homes in District 7 spiked 118%, up from 11 units sold Q3 2015to 24 units sold in Q3 2016. While single family homes saw a decrease in total sales, sales of condominiums in the City increased slightly. A total of 710 condominiums were sold in Q3 2016, a 4.1% increase from Q3 2015.

Read The Full Report Here

 

 

Posted on November 1, 2016 .

San Francisco Market Update: Second Quarter 2016

Since 2012, San Francisco's overall average sales price has shown tremendous growth year over year. With San Francisco leading the charge after the 2008 market recession, available inventory dwindled and sales prices climbed annually throughout the City. However, second quarter 2016 data from the San Francisco Multiple Listing Service reflected that, while the San Francisco real estate market remains vibrant and strong, there has been a shift in direction.

After seeing significant year-over-year gains, the average sales price throughout San Francisco for single-family homes fell slightly, 2.8 percent, decreasing from an average of $1.79 million in the second quarter of 2015, to an average of $1.74 million in the second quarter of 2016. In our review of seven major districts in the City, we found that the average sales price in the second quarter of 2016 for a single-family home decreased in five of them, compared to the second quarter of 2015. In four of the the seven districts we analyzed, the average sales price year-over-year for a condominium also saw a decline. Throughout the City, condominiums saw a 2.2 percent drop in average sales price, with the average sales price at $1.36 million in the second quarter of 2015, to an average of $1.29 million in the second quarter of 2016.

Read The Full Report Here

Posted on April 30, 2016 .