San Francisco continues to be ranked among the most expensive residential real estate markets in the nation, according to data from the San Francisco Association of REALTORS® Multiple Listing Service (SFAR MLS).
The median single-family home price reached $928,000 in January 2014, a 24.6 percent increase compared to year-over-year figures. The condominium/TIC/coop median price rose to $950,000 in the first month of 2014, also a 24.6 percent increase over the same time period.
“A tight supply of inventory characterized the San Francisco housing market throughout 2013, and if January is any indication, it will continue to define the market in 2014,” said SFAR President, Betty Taisch. “Buyers and Sellers looking to get the most out of local market conditions would be well advised to contact a REALTOR® for advice.”
In January, just 252 single family homes and 368 condominiums/TIC/coops were listed for sale, less than half the number of active listings on the market in January 2012.
Buyers hoping to own property in the city have to move quickly as single family homes stayed on the market a scant 41 days before being snapped up. Those looking to purchase a condominium/TIC/coop had slightly longer, at 52 days on the market, to put in their offers.
The National Association of REALTORS® (NAR) latest quarterly report put San Francisco just behind San Jose as the most expensive metropolitan housing market in the nation during the fourth quarter of 2013.
While rates on a 30-year fixed mortgage averaged 4.30 for the fourth quarter of 2013, NAR Chief Economist Lawrence Yun said in the report that rates are likely to rise above the 5 percent mark before the end of the 2014.
Data comes from the San Francisco Association of REALTORS® MLS, the most accurate and up-to-date source of property listings in San Francisco County. Need help finding your perfect neighbor in San Francisco? Check out www.sfrealtors.com Neighborhood section.
The San Francisco Association of REALTORS® is a professional association of more than 4,000 members that provides business services and legislative representation to real estate practitioners and affiliated service providers in San Francisco and surrounding areas. Visit www.sfrealtors.com to learn more.