San Francisco’s median sold price for condo/loft/TIC’s hit a new high in July, at $1,250,000. Single-family homes were slightly off their June all-time high of $1,700,000 but still posted the second highest price month ever at $1,660,000. Not surprisingly, sold prices per square foot also hit all-time highs, at $1,002 and $1,173, respectively.
These sold prices are up modestly year-on-year, 2.3% for homes and 4.2% for condo/loft/TIC’s. While this is well below the preceding two year’s annual appreciation for single-family homes (10.6% and 7%), it is slightly above last year’s 3.7% appreciation for condo/loft/TIC’s.
The number of properties sold was similar the past five July’s, but there was a sharp reduction in the number of new listings in both single-family homes and condo/loft/TIC’s. And since demand continues to outstrip supply, as evidenced by 81% of homes and 67% of condo/loft/TIC’s selling above list price, this sharp drop in new listings will contribute to continued inventory under-supply and likely support continued high sold prices.
Properties continue to fly off the market, with just 13 and 14 days on market, respectively, for single-family homes and condo/loft/TIC’s.
|Summary of the Numbers – August 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/Loft /TICs||% Change Year-over-Year|
|Median Sold Price||$1,660,000||2.3%||$1,250,000||4.2%|
|Median Days on Market (DOM)||13||-7.1%||14||-18%|
|Months of Inventory||2.1||-8.7%||2.3||-12%|
|Percent of Homes Sold Over List Price||81%||-6.0%||67%||1.2%|
|Median Percent of List Price Received||113%||-3.8%||104%||-0.86%|
|New Listings (#)||195||-25%||228||-22%|
|Homes Sold (#)||211||-6.0%||247||-8.3%|
|Median Sold $/Square Foot||$1,002||1.3%||$1,173||3.4%|
*based on a 3-month rolling average