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. 

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Posted on May 2, 2017 .