San Francisco’s median sold price for single-family homes in July was $1,913,000, down 2.9% from May’s historic peak. The number of homes sold in July dropped 20% to 206 from June’s 260 figure. Meanwhile, the number of new listings has continued its downward trend, falling by 27% from last month and 53.6% compared to July 2020. While still extremely low, inventory increased from June to July by 10% and is now at 1 month. The median sold price per square foot has continued its rise to $1,135, which was up 10% compared to July 2020.
In the condo/loft/TIC market, the median sales price dipped slightly to $1,228,000. This is down from a high of $1,275,000 in July 2020. Median sales prices have been bouncing around in the mid $1.2’s this year and last. The number of sold condo/loft/TICs rose 23.5% while the number of new listings was down 63.1% compared to last July, resulting in just 1.8 months of inventory.
In general, seasonality seems to have returned to the San Francisco real estate market. The slowdown, typical of the summer, combined with lifting travel restrictions, have reduced activity. If you are looking to buy, now might be the time. If you are considering selling, do not wait to plan for the fall market! Please reach out to us today for more information.