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.

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Posted on March 1, 2017 .