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
