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. 

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Posted on September 1, 2017 .