A sizzling sales pace continues for home purchases in San Francisco. Single-family homes (SFH), including our recent listings at 1307 38th Avenue and 309 Oak Park, continue to receive multiple offers at over-list prices.
The $1,800,000 median sold price for single-family homes is up 9.1% compared to this time last year. The number of SFH sales is up a dramatic 45.3% to 234. The number of sales in the condo/loft/TIC category is up even more from 225 to 376, an increase of 67.1%. The median sales price for condo/loft/TICs continues to recover and now sits at $1,237,000. At about 2.6% less year over year, this category may be a good buy. Month-over-month median sales prices for all property types changed less than 1%.
Days on Market (DOM) dropped from 28 the prior month to 20 for single-family homes. Notably, the DOM for condo/loft/TICs lost three weeks from 64 to 43 month-over-month. Inventory remains exceptionally low for single-family homes at just 0.8 months. This signals one of the strongest seller’s markets we have ever seen. Condo/loft/TIC inventory shed a full month and dropped to 1.6 months. This is also considered a strong seller’s market.
Interest rates have stabilized at or just above 3.0% for most loan types. This low rate continues to help affordability and supply very high buyer demand for home purchases.