San Francisco SFH Market Update
Summer Sales Data
of Units Sold
Days on Market
So far this year we’ve seen a trend that has been missing in San Francisco real estate: Consistency!
Our inventory remains uncommonly low, with the number of available properties usually between 700 and 800 a month, split pretty evenly between single-family homes (SFH) and condos. Another consistent thread is that demand continues to outstrip that meager inventory. The median price of a SFH home increased by 33.3% since January, while condo prices rose 23.5%. This trend has been going on for several years now.
Not surprisingly, these increases are accompanied by a decline in the average Days on Market (DOM) to 27, which is a decrease of 32.55%. Additionally, over the last 14 months, the sale price of a property averages 8.4% over the asking price. What has also become consistent is a pattern of volatility over each quarter, both up and down.
However, for pricing, the trend continues up while inventory variability trends down. That said, it is still tough to make any kind of prediction as to the rest of the year. However, it is important to note that the economy in San Francisco and the Bay Area continues to be one of the strongest in the nation and is still growing, while population continues to increase by about one percent a year.