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.