Welcome to the San Francisco real estate market update for December 2021. In November, the number of single-family homes sold decreased slightly to 239. As expected, the number of listed homes also decreased to 84 which is a 46.2% decrease from last year. The inventory has decreased to just over half a month. Historically, this is a normal trend for the market during the holiday season.
The median sold price for a single-family home was $1,925,000. This is a 13.2% increase from November 2020 and close to this summer’s all-time high of $2,100,000. On that note, the price per Sq Ft is $1,117, which is up 6.5% from last year.
Moreover, the Condo/TIC/CoOp median sale price increased 8.2% to a total $1,325,000. 313 units were sold in November, which is a 28.8% decrease from last year. Like the SFH, the available inventory has decreased.
The Fed has signaled interest rate increases due to the current high inflation figures. That may be encouraging buyers to purchase now. Higher interest rates could result in lower sales prices due to reduced purchasing power.
The Year In Review
As we wrap up 2021, we can see some clear trends in the overall market for all property types. The first trend is the pre-pandemic seasonality of the local market has returned. February is typically the start of the spring market. This year, there were 2,017 new listings and 1,564 sold listings in February. As the market began to wind down for the holidays, the number of listings in November was 1,911 with 1,941 sold listings.
We are also seeing a reduction in the time it takes to sell a home. In February, the median days on market was a little over 5 weeks. In the past few months, this has dropped to about 2 weeks. This leads us to the second trend. New contracts continue to outpace listings and overall, the market is rising. In February 2021 the median sales price for all property types was $1,300,000. As of last month, the median price had risen to $1,500,000.
Scroll down for the San Francisco real estate market report figures and charts for December 2021. For more information on how this pertains to you and your next move, contact the Brown Real Estate Group today! Contact us!