As we look back at sales data from San Francisco for the complete calendar year, we see that median sale price rose steadily compared to past years, reaching $1.6 million for single-family homes, according to the San Francisco Association of Realtors (SFAR).
The fourth quarter of 2017 closed anther year of steady appreciation for Bay Area housing markets. Driven by seemingly insatiable demand and limited supply, according to the San Francisco Multiple Listing Service, single family homes in San Francisco rose 7% over the year prior to a median price of $1.42 million. Listings in virtually every district spent fewer days on the market, with some accelerating by almost 40% in Q4 compared to last year.
The median sales price for a single family home in San Francisco increased 7% in the third quarter year over year.
In Marin County, the total number of units sold increased 9% from 678 units sold in the third quarter of 2016 to 742 sales in the third quarter of 2017.
In the Peninsula, the total number of units sold increased 50% from 1025 units sold in the third quarter of 2016 to 1534 sales in the third quarter of 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.
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.