San Francisco Real Estate Market Report August 2019

August 10, 2019

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-YearCondo/Loft /TICs% Change         Year-over-Year
Median Sold Price$1,660,0002.3%$1,250,0004.2%
Median Days on Market (DOM)13-7.1%14-18%
Months of Inventory2.1-8.7%2.3-12%
Percent of Homes Sold Over List Price81%-6.0%67%1.2%
Median Percent of List Price Received113%-3.8%104%-0.86%
New Listings (#)195-25%228-22%
Homes Sold (#)211-6.0%247-8.3%
Median Sold $/Square Foot$1,0021.3%$1,1733.4%

*based on a 3-month rolling average