The median sales price for single-family homes in San Francisco for October 2015 was $1,290,000. This represents an increase of 8.4%, or $100,000 compared to October 2014. Condos have seen an even greater increase of $155,000 in median sales price, or 16.3%, to $1,105,000 for the same year-over-year comparison. Average days on market has dropped slightly since last month for single family homes, down from 29 days to 28 days, and more notably from 37 days to 29 days for condos. Low inventory continues to put pressure on prices. There were just 1,496 homes for sale (single-family and condos combined) during the month of October, which is nearly identical compared to the same month last year (1,492 in October 2014). Prices are staying strong, with single-family homes selling at 111.5% of the original asking price and condos selling at 109.1% of original price. As always, real estate is local, so what’s happening on a city-wide level may be different in your neighborhood or even your street.
San Francisco Market Update Nov 2015
Median Sales Prices have seen notable increases year-over-year for both single-family homes and condos.
Average days on market have dropped year-over-year, and have remained consistently low since Spring.
The above chart combines single-family homes and condos.
Months Supply of Inventory (MSI) is a measure of the number of months it would take the current inventory of available homes to sell out given the current rate of sale. This metric is often impacted by low inventory.
This chart shows the sales price as a percentage of the original asking price. It does not include properties that underwent price reductions.
Sales had a bit of an uptick in October for the pre-holiday sales season.
The San Francisco real estate market is highly nuanced. There is wide variance in median price, time on market and inventory from district to district. Further than that, some neighborhoods even have varying levels of demand and buyer-interest, which may be mere blocks apart. To get a thorough analysis of what’s happening in your area and how it impacts your own property’s value, please contact me.
[Data Source: San Francisco Association of Realtors Multiple Listing Service (SFAR MLS), 10/1/14-10/31/15, for Citywide San Francisco.]