Welcome to our monthly report on San Francisco’s Real Estate market. Here we review the recent sales stats and current trends! In January, the median selling price for a single-family home was $1,663,000. This is a small increase of 0.8% from January 2021 and well short of the all-time high of $2,100,000 just eight months prior. Lower sales prices this time of year are typical and often reflect the size and quality of the properties listed during the holidays. This should not be viewed as a major easing of the market.
The number of homes sold in January was 98. This was outpaced by 127 new listings, a figure down 32.1% year-over-year. The result was a slight increase in inventory to a 1.1-month supply. An ever increasingly popular statistic, the median sold price per square foot was up 7.1% year-over-year, to $1,077. While this stat has its shortcomings, buyers are increasingly relying on it to justify a purchase.
In the condo/loft/TIC market, the median sales price decreased to $1,042,000. Though part of the seasonal trend, this figure is down 5.3% year-over-year. The number of condo/loft/TIC sales was 42.7% lower when compared to last January, while the number of new listings was down 32.9%. All of these resulted in an increase of condo/loft/TIC inventory which now sits at 3.2 months. With more to choose from, buyers in this segment can be, and are more selective.
For a more detailed San Francisco real estate market report, or to see how it applies to the move you may be considering, reach out to us today!