Welcome to the first San Francisco real estate market update for 2022. In December, many of San Francisco’s real estate statistics saw a typical seasonal drop. Despite this, the year-over-year sales price figures are trending upward. The median sold price for single-family homes decreased from November to $1,700,000 remaining up 3.0% from December 2020.
The number of single-family homes sold decreased to 169 and the number of new listings decreased to 31 which was down 69.9% year-over-year. The SFH inventory on the market has decreased to 0.4 month.
Though still up 4.2% year-over-year, the median sold price per square foot in December decreased again to $1,083.
The biggest mover was the condo/loft/TIC market where the median sales price increased to $1,313,000. This is a 19.4% increase year-over-year. This segment had been more negatively impacted by the pandemic and is signaling a recovery.
The number of condo/loft/TIC sales in December was 232 which was down 22.7% compared to the previous December. The number of new listings was down 68.5% year-over-year to 53. Condo/loft/TIC inventory decreased again to 1.1 months.
Interest rates are on the rise. This is likely to spur more buying ahead of further interest rate increases. Eventually, however, it will start to impact affordability and put pressure on the sales prices.
Scroll down for the San Francisco real estate market report graphs for January 2022. For more information on how this pertains to you and your next move, contact the Brown Real Estate Group today! Contact us!