San Francisco Real Estate Market Report – July 2019

The June market reflected continued strong demand and low inventory. However, signs are there that the market is shifting/turning, with a lot of negative numbers in year-over-year comparisons.

This could be good news for buyers but inventory will have to rise in the entry-level sector for first-time buyers to really feel a change. The problem is that year-to-date, new single-family home listings are down 14% and condo/loft/TICs are down 20%, while sales are down only 4.6% and 0.9%, respectively. Inventory is not keeping up with demand.

Yet buyers are not driving up prices the way they have over the past 5 years. Single-family home sales eeked out only a 0.8% year-over-year appreciation, while condo/loft/TIC prices declined 0.43%.

While median days on market rose for both single-family homes and condo/loft/TICs, they are still very low. In other words, properties continue to sell very quickly. And, 79% of homes and 59% of condos are still selling above list price.


Summary of the Numbers – July 2019* Single Family Residences (SFR) % Change         Year-over-Year Condo/Loft /TICs % Change         Year-over-Year
Median Sales Price $1,650,000 0.8% $1,228,333 -0.43%
Median Days on Market (DOM) 14 8% 17 16%
Months of Inventory 2.2 8% 2.7 -1.2%
Percent of Homes Sold Over List Price 79% -5.6% 59% -9.9%
Median Percent of List Price Received 112% -5.4% 102% -2.6%
New Listings (#) 215 -20% 289 -20%
Homes Sold (#) 213 -4.6% 295 -0.9%
Median Sold $/Square Foot $988 -1.3% $1,142 0.9%

*based on a 3-month rolling average