20 Jun 2018

San Francisco Real Estate Market Update: June 2018

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While May’s single family homes market in San Francisco was more of the same so far in 2018: fewer new listings and sales, and rising interest rates and sold prices, it marked the third straight month of a lower median sold price. And yet the median price is still up 9.8% compared to May, 2017.

The number of new listings year-to-date is the lowest in three years while the number of sales is the highest in three years. So, to no one’s surprise, inventory is incredibly low, the lowest level since January, 2016.

The sold price per square foot reached a new all-time high for both single family homes, $1,009, and condo/loft/TIC’s, $1,141.

Condo/loft/TIC prices have gone up each of the past four months and have reached the highest point ever, $1,265,000.

Single Family Homes:
The three-month rolling average median sales price of $1,652,200 is up 17.9% over last year’s.

Year-to-date, new listings are down 4.9% while sales are up 2.0%.

May’s inventory of 1.6 months is 17% lower than in 2017. 85% of homes sold over their list price and the median percent of list price received was 118% in May.

Condo/Loft/TIC’s:
The three-month rolling average median sales price of $1,255,333 is up 10.8% over last year’s.

Year-to-date, new listings are down 1.9% while sales were up 11.7%.

May’s inventory of 2.2 months is 17% lower than in 2017.

69% of condo/loft/TIC’s sold over their list price and the median percent of list price received was 106% in May.

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