In the past decade, San Francisco’s median single-family home sales prices recovered from a devastating decline in the financial and housing crisis to rise 130% – from $688,000 to $1,577.500. Condo/loft/TIC sold prices rose 94%, from $645,000 to $1,250,000.
These rises compare to the median household income increase over the same time period of 57% – from approximately $70,000 to $110,000.**
2009 mortgage rates were just above 5%, compared to 3.5% today.
Single-family home inventory was higher – 4-5 months for single-family homes vs. half that level today. Likewise, condo/loft/TIC’s inventory was also about double what it is today, which is slightly higher than single-family homes.
The closing year of the decade, 2019, also had strong median sold price growth: 5.2% and 4.2%, respectively, for single-family home and condo/loft/TIC’s.
Today, the question everyone is asking: what to expect in 2020? All signs remain strong that real estate prices will continue to rise because of the following factors: low interest rates, low inventory, strong buyer demand, and an exceptionally strong job market. Until one of these factors changes, the equation has only one possible outcome: higher prices.
|Summary of the Numbers – 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/Loft /TICs||% Change Year-over-Year|
|Median Sold Price||$1,577,500||5.2%||$1,250,000||4.2%|
|Median Days on Market (DOM)||15||-12%||26||4.0%|
|Months of Inventory||1.9||-21%||2.5||-7.4%|
|Percent of Homes Sold Over List Price||76%||0.0%||61%||5.2%|
|Median Percent of List Price Received||111%||0.18%||102%||0.59%|
|New Listings (#)||123||-26%||157||-28%|
|Homes Sold (#)||207||-1.3%||234||-5.3%|
|Median Sold $/Square Foot||$977||5.4%||$1,096||2.5%|
* based on a 3-month rolling average
**as of the end of 2018, the latest year for which data are available