The Median Sales Price of Single Family Homes in San Francisco is Up 34 Percent
While it’s helpful to know that existing single family homes sales rose 5.6 percent nationwide, according to the National Association of Realtors most recent housing report, what you really need to know for your business is what’s happening in your local market.
According to the most recent Market Focus Report for October 2014 (a free SFAR member benefit), the median sales price of single family homes in San Francisco saw a 34 percent increase from this same time last year, bringing the median sales price to $1,216,500. Condos, TICs, and coops saw a 10 percent increase, bringing the median sales price of those types of housing to $950,000. Compare these median sales price numbers with the nationwide median ($208,700 for single family homes and $205,400 for condos) and it’s clear how important local real estate information is.
The number of days on market for single family homes in San Francisco went down from 34 to 29 days, representing a 14.7 percent decrease. For condos, TICs, and coops, the number of days on market saw a 2.6 percent decrease, down from 38 to 37 days.
Inventory continues to be tight. Active single family home listings in San Francisco saw a 21.7 percent decrease bringing the number of listings down to 387. During this same time there were 509 condos, TICs, and coops on the market, a 20.6 percent decrease from this same time last year.
With less inventory and strong demand for San Francisco real estate, eighty-four percent of single family homes and 69 percent of condos, TICs, and coops sold for more than their original listing price. Compared to October 2013, this was an increase of 2.9 percent for single family homes and 3.3 percent for condos, TICs, and coops.
Months supply of inventory, an indicator that predicts how long it would take for all of the current inventory to sell given current supply and demand, saw a 13.6 percent decrease to 1.9 months. Anything below 2 months is said to indicate an extremely strong seller’s market.
The most recent Market Focus Report goes on to provide an in-depth look at the real estate markets in each of San Francisco’s 10 distinct Districts with details on the number of active and sold listings, median sales price, days on market, and months supply.
All of this information is free for SFAR members. To access the latest report, visit http://my.sfrealtors.com/ and log in. Once logged in, click Documents and then Market Statistics. The information contained in the report provides an excellent source of information for your clients. Feel free to share it on your website and included in your email newsletter and posts on social media.