Single Family Homes:
August’s median sales price continued its predictable seasonal backing off from its Spring peak, dropping 6.4% to $1,380,000 from May’s $1,475,000. However, in the same time frame, last year prices dipped 7.4%. Prices are still up 10.4% above August 2016.
Since August 2012, the median sold price in San Francisco is up 81%.
Inventory continues to be at its lowest level, 1.6 months, since last December. This is the ongoing result of fewer homes coming on the market while sales stay fairly constant. The number of new listings on the market year-to-date is down 7% from 2016 while the number of sales is up 3.3%.
The incredibly tight supply coupled with strong demand kept the level of overbids high as well, down a bit from July but still at 114%, and 79% of single-family homes sold above the list price, up from 75.9% last August.
Median sold prices are up 10.8%, to $1,175,000, compared to August 2016. And, while not as great a rise as with single-family homes, the median sold price is up 62.5% compared to August 2012’s $723,000.
In August, 63.4% sold above list price and the median bid was 3.2% above list price.
The number of Condo/Loft/TIC listings are also down year-to-date compared to 2016, by 10.7%. And, like single-family homes, sales are up, by 2.6%. Current inventory stands at a 2 months supply.