San Francisco Real Estate Market Report – August 2019

San Francisco’s median sold price for condo/loft/TIC’s hit a new high in July, at $1,250,000. Single-family homes were slightly off their June all-time high of $1,700,000 but still posted the second highest price month ever at $1,660,000. Not surprisingly, sold prices per square foot also hit all-time highs, at $1,002 and $1,173, respectively.

These sold prices are up modestly year-on-year, 2.3% for homes and 4.2% for condo/loft/TIC’s. While this is well below the preceding two year’s annual appreciation for single-family homes (10.6% and 7%), it is slightly above last year’s 3.7% appreciation for condo/loft/TIC’s.

The number of properties sold was similar the past five July’s, but there was a sharp reduction in the number of new listings in both single-family homes and condo/loft/TIC’s. And since demand continues to outstrip supply, as evidenced by 81% of homes and 67% of condo/loft/TIC’s selling above list price, this sharp drop in new listings will contribute to continued inventory under-supply and likely support continued high sold prices.

Properties continue to fly off the market, with just 13 and 14 days on market, respectively, for single-family homes and condo/loft/TIC’s.

Summary of the Numbers – August 2019* Single Family Residences (SFR) % Change         Year-over-Year Condo/Loft /TICs % Change         Year-over-Year
Median Sold Price $1,660,000 2.3% $1,250,000 4.2%
Median Days on Market (DOM) 13 -7.1% 14 -18%
Months of Inventory 2.1 -8.7% 2.3 -12%
Percent of Homes Sold Over List Price 81% -6.0% 67% 1.2%
Median Percent of List Price Received 113% -3.8% 104% -0.86%
New Listings (#) 195 -25% 228 -22%
Homes Sold (#) 211 -6.0% 247 -8.3%
Median Sold $/Square Foot $1,002 1.3% $1,173 3.4%

*based on a 3-month rolling average